Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
Philips Reports 69% Drop in Net
Summary: Amersterdam-based Philips Electronics reported net profit of €301 million ($380.7 million) on €7.6 billion in revenue, falling shy of analyst estimates of €353 million profit, while beating the concensus revenue estimate of €7.54 billion. Philips noted strength in its consumer electronics and domestic appliance semiconductor unit, and repeated its yearly guidance for 5-6% revenue growth and operating margin of 7-10%. 2Q operating margin was 4.8%.
Comment on related stocks/ETFs: We'll publish the Philips conference call shortly -- check back here to read it. A recent Barron's article was bullish on Philips, especially if it were to spinoff its semiconductor business. On a lighter note: Earlier this year, Philips launched BodyGroom, a wet/dry electric razor for men to "trim and shave all body zones," including the "groin area." Philips has been told that it is the best-selling health-related appliance on Amazon.