Dutch Philips Electronics NV
Reductions of our fixed cost base has progressed well in the first quarter and is now to exceed 500 million euros on an annualized basis by the end of this year, with a further acceleration of restructuring in the second quarter, especially at Lighting, Philips' Chief Executive Gerard Kleisterlee said in a statement.
Financial Executive Pierre-Jean Sivignon told CNBC there would be no additional job cuts on top of the previously announced 6,000 for 2009.
First-quarter earnings before interest, taxes and amortization (EBITA) reached a 74 million euro ($97.7 million) loss compared with an average analyst expectation of a 35 million profit in a Reuters poll of 20 analysts.
Individual analyst estimates ranged from a 33 million euros loss to a 155 million profit.
Philips is the world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer.
Its shares are down 19 percent so far this year, compared with a 14 percent decline in the DJ Stoxx 50 index <.STOXX50>.
(Reporting by Harro ten Wolde)