Dutch Health Tech Firm Philips' Q3 Earnings Miss Expectations, Lowers Annual Forecasts On Weak Demand In China [Yahoo! Finance]
Bentley Systems, Incorporated - Class B (BSY)
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Source: Yahoo! Finance
“In the quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions. We have adjusted our full-year sales outlook to reflect the continued impact from China,” said Roy Jakobs, CEO of Royal Philips “Within a challenging macro environment, we remain focused on successfully executing our three-year plan to fully capture growth and margin expansion opportunities,” Jakobs added. Also Read: Philips Issues Software Fix For Some Ventilators To Fix Power Alarms Issues, Oxygen Display Errors The Dutch conglomerate reported sales of 4.38 billion euros ($4.74 billion), down 2% year over year and missing the consensus of 4.54 billion euros. Group comparable sales were flat on the back of 11% growth in the quarter and a deterioration in demand in China. The company delivered growth in all other regions and from increased royalty income. China remains a fundamentally attractive growth market for Philips in the long ter
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