Reported 30 days ago
Philips stock plummeted over 16% after the company revised its full-year sales outlook downward, citing ongoing weak demand in China. Although third-quarter revenue of $4.6 billion fell short of Wall Street projections, earnings per share exceeded expectations. Despite growth in profit margins, Philips anticipates a modest sales increase for the year, primarily affected by the Chinese market, although North America shows strong demand for medical innovations. This drop marks the largest single-day decline for Philips in 26 years.
Source: YAHOO