Reported about 1 month ago
Philips has significantly reduced its sales outlook for the year after experiencing a sharp decline in demand from China, prompting a 16% drop in its share prices. The company cited weakened consumer confidence and the effects of an anti-corruption campaign for the decreased orders, particularly in the personal health segment. Consequently, Philips now expects only modest sales growth for 2024, down from previous forecasts.
Source: YAHOO