Philips profit rises amid job cuts

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Source: Bloomberg
© Scanpix/FP
Royal Philips NV increased its net profit for the third quarter of this year amid higher than predicted demand for lighting bulbs. Moreover, the Dutch company has cut 6,700 jobs, reducing costs by 1.1 billion euros. Earnings jumped 33%, reaching 634 million euros, beating the analysts' estimates. Royal Philips NV shares are trading 6.45% up to 26.00 euro per share by 11:30 GMT in Amsterdam.
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