Philips (PHG -2.6%) swings to a surprise Q2 net loss of €1.34B ($1.9B) from a net profit of...

|By:, SA News Editor

Philips (PHG -2.6%) swings to a surprise Q2 net loss of €1.34B ($1.9B) from a net profit of €259M after major writedowns at its healthcare and lighting divisions. The company doesn't expect any immediate improvement, but plans to cut €500M in costs by 2014 and buy back €2B in stock.