AMSTERDAM (Reuters) - Philips
Continue Reading Below
Europe's biggest consumer electronics maker said in a statement it took writedowns at its healthcare division and lighting division, leading to a 1.4 billion euro impairment.
"Our second-quarter results were impacted by near-term operational challenges, weaker markets and a significant impairment charge," Philips CEO Frans van Houten said in a statement.
The company will launch a 500 million euros cost savings program and a 2 billion euro share buy-back program.
(Reporting by Gilbert Kreijger; Editing by Sara Webb)