Dutch electronics giant Philips did better than expected in the last few months. The company made 45 million euros in revenues in the second quarter of 2009. Analysts from the Dow Jones Newswires had predicted a net loss of some 125 million euros, following the company's net profit of 732 million euros in the second quarter of 2008.

Compared to the same period last year, however, profits dropped by 94 percent. Philips' turnover stood at 5.23 billion euros in the second quarter of 2009, down 19 percent from 6.46 billion euros in the same period last year, due to "continuing weakness in consumer and professional markets", the electronics group said.

Despite the decreased demand for consumer electronics, chief executive Gerard Kleisterlee is optimistic. "During the quarter we started to see better results thanks to our strict cost management."

The company will continue to cut business costs in the next few months. Philips already announced in January this year that it would be cutting 6000 jobs worldwide to cope with the global slowdown. A company spokesman said all divisions would be affected by the job cuts.