Sales and Earnings Decline at Philips - Energy Watch News

Sales and Earnings Decline at Philips

Philips Lighting reported a 16.5% drop in adjusted first quarter earnings and 67% plunge in net income on an 11.2% sales decline, delivering the industry’s second reminder this week that lighting’s biggest ever transformation ever is no free ride. No matter which measure you prefer, the drop came two days after the world’s second largest lighting company, Osram, cut its 2018 sales and earnings forecast. Both companies, and the industry as a whole, are undergoing a major shift from selling conventional lighting to providing Internet-connected LED lighting systems that give users greater control and that turn lighting systems into data collection networks. But Philips and the industry are struggling with the costs associated with the transformation, and with finding the right business model, which many people believe will entail selling lighting as a service as well as monetizing the data gathered by the intelligent systems.

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