Philips' Q1 chip sales jump 7% sequentially, fab utilization hits 50%

Philips' Q1 chip sales jump 7% sequentially, fab utilization hits 50%
AMSTERDAM -- Royal Philips Electronics N.V. today reported that its semiconductor sales were 1.01 billion euro ($891.3 million) in the first quarter of 2002, a 29% drop from the like period a year ago but a 7% sequential jump from the previous quarter.

The company's semiconductor arm, Philips Semiconductors, also reported an operating loss of 103 million ($90.9 million) vs. a profit of 231 million ($203.8 million) a year ago and a loss of 292 million ($254 million) in the previous period.

Philips indicated that it saw an improvement in the semiconductor market in the first quarter, as its overall fab utilization rate jumped to 50% during the period.

Overall, the parent company reported sales of 7.6 billion ($6.7 billion) in the first quarter, a 7.3% decline from a year ago and an 18.3% drop from the previous period. Royal Philips did report a profit of 9 million ($7.9 million) in the quarter vs. a net 93 million ($82.1 million) in the like period a year ago and a loss of 1.1 billion ($957 million) in the previous quarter.