Consumer electronics maker Philips pleased investors today with a rosy update on its operational performance despite continued tough market conditions.
Philips, the third-biggest European semiconductor, said its key consumer electronics division was on track for a good fourth quarter with October having been a record month and November looking strong thus far.
The group, which last year made a record €2.6 billionloss as the semiconductor market suffered its worst-everdecline, also gave positive guidance for its lighting andcomponents division, as well as for its medical systems.The company's shares were 3 per cent higher at €18.84, their highest in almost two weeks. The stock has lost almost 60 per cent of its value so far this year.