Third-quarter earnings nearly tripled at Koninklijke Philips Electronics, boosted by the sale of its chip business, but revenue remained flat. The Dutch manufacturer is refocusing on less volatile areas such as medical systems, lighting and consumer electronics products, after last week completing the sale of its mobile phone business.Net income in the third quarter soared to 4.2 billion euros (US$5.4 billion as of Sept. 30, the last day in the period being reported) from 1.4 billion euros in the same period a year earlier.The surge in profit stemmed largely from the sale of 80.1 percent of its semiconductor business, worth approximately 4.2 billion euros.Revenue for the third quarter rose 1 percent, to 6.31 billion euros, from 6.26 billion a year earlier. Sales in the consumer electronics division dropped 5 percent to 2.41 billion euros. Last week, Philips announced its decision to quit the mobile phone manufacturing business and sell its remaining activities to China Electronics. “The mobile phone business was a very marginal business for us,” said Pierre-Jean Sivignon, executive vice president and chief financial officer, in a conference call with analysts. “It wasn’t efficient for us to continue.”Revenue increased in the medical and lighting divisions—the group’s most profitable arms. Medical sales rose 3 percent to 1.6 billion euros, with lighting up 16 percent to 1.4 billion euros. Philips views health-care gadgets, targeted largely at an aging baby-boom generation, as a market with great potential, Rudy Provoost, chief executive officer of Philips’ consumer electronics division, said at the IFA electronics show in Berlin last month.As part of its Connect Care product development project, Philips is working on a variety of “body-driven” consumer electronics products that could help improve people’s health and well-being.-John Blau, IDG News Service (Dusseldorf Bureau)Related Links: Philips Completes Sale of Chip Unit Stake Toshiba, LG.Philips Team on LCD PanelsCheck out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content opinion Website spoofing: risks, threats, and mitigation strategies for CIOs In this article, we take a look at how CIOs can tackle website spoofing attacks and the best ways to prevent them. By Yash Mehta Dec 01, 2023 5 mins CIO Cyberattacks Security brandpost Sponsored by Catchpoint Systems Inc. Gain full visibility across the Internet Stack with IPM (Internet Performance Monitoring) Today’s IT systems have more points of failure than ever before. Internet Performance Monitoring provides visibility over external networks and services to mitigate outages. By Neal Weinberg Dec 01, 2023 3 mins IT Operations brandpost Sponsored by Zscaler How customers can save money during periods of economic uncertainty Now is the time to overcome the challenges of perimeter-based architectures and reduce costs with zero trust. By Zscaler Dec 01, 2023 4 mins Security feature LexisNexis rises to the generative AI challenge With generative AI, the legal information services giant faces its most formidable disruptor yet. That’s why CTO Jeff Reihl is embracing and enhancing the technology swiftly to keep in front of the competition. By Paula Rooney Dec 01, 2023 6 mins Generative AI Digital Transformation Cloud Computing Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe