Dutch electronics giant Philips reported a net loss on Monday morning on weakness in China and Russia, in its first earnings update since it announced plans to spin off its lighting business.
The company said third-quarter sales came in at 5.5 billion euros ($7 billion) with a net loss of 104 million euros. For the same period last year the company reported net income of 281 million euros. Shares opened lower by 2 percent in early deals on Monday.
Philips saw weakness in China and Russia, as well as being negatively impacted by currency strength. It added that it expected to incur around 50 million euros worth of additional restructuring costs between 2014 and 2016.