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Philips Plans Job Cuts as Profit Rises 7.9%

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AMSTERDAM -- Philips Electronics NV posted a 7.9% rise in third-quarter net profit, boosted by a gain, and announced plans to cut an unspecified number of jobs as demand in Europe and emerging markets slows.

Philips Electronics Monday also unveiled plans to ease its share-buyback program.

Chief Financial Officer Pierre-Jean Sivignon said that reaching the company's target of 6% annual sales growth between 2008 and 2010 is also "getting tough."

With that backdrop, the Amsterdam-based ...