Philips stock sinks 16% on lower full-year guidance, China drags on earnings [Yahoo! Finance Canada]
Koninklijke Philips N.V. NY Registry Shares (PHG)
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Source: Yahoo! Finance Canada
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 14%, reporting $0.32 per share compared to an expected $0.28. Despite an increase in profit margins in the quarter, Philips expects sales growth of 0.5% to 1.5%, down from 3% to 5% for the year. But ex-China markets will maintain the original outlook — signifying the impact a single market has had on the company this year. The slump in shares is the biggest one-day loss in 26 years and comes as the company has regained footing after a massive recall of breathing machines used to help treat sleep apnea weighed on the company's stock in the last few years. Koninklijke Philips N.V. (PHG) CEO Roy Jakobs told Yahoo Finance in an interview that despite
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PHG
Earnings
- 1/29/24 - In-Line
PHG
Sec Filings
- 10/28/24 - Form 6-K
- 9/3/24 - Form 6-K
- 8/30/24 - Form 6-K
- PHG's page on the SEC website