Philips (PHG, Financials) lowered its full-year outlook for 2024 due to declining demand in China; with an adjusted EBITA margin at 11.5%, the firm now forecasts comparable sales growth between 0.5% and 1.5%. Projected to be 900 million euros, free cash flow falls at the lower end of its past projection. With 4.4 billion euros…
Philips (PHG) stock fell more than 16% Monday after the Dutch medical device giant lowered its sales outlook on continued lower demand in China. The company reported revenue of $4.6 billion in the third quarter ending Sept. 30, which missed Wall Street expectations of $4.9 billion. Philips beat on earnings per share by more than…
Philips’ (NYSE:PHG) latest announcement sent shockwaves through the market, revealing a sharp downward revision in its sales outlook amid a drastic decline in demand from China. This news has made Phillips’ shares plunged by more than 17% today. Sales for Q3 held steady at 4.4 billion, flat compared to last year, as strong performance in…
Shares of Philips N.V. were losing around 17 percent in the morning trading in Amsterdam as well as in pre-market activity on the NYSE, after the Dutch consumer electronics giant trimmed its comparable sales growth view for fiscal 2024 after reporting weak sales and orders and flat comparable sales in its third quarter. The sales…
By Bart H. Meijer AMSTERDAM (Reuters) -Philips said on Monday that demand in China slumped significantly in recent months, forcing the Dutch medical devices maker to lower its sales outlook for the year. “In the (third) quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other…