Philips Stock Tanks on Outlook Cut as Demand Deteriorates in China [Yahoo! Finance]
Koninklijke Philips N.V. NY Registry Shares (PHG)
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Source: Yahoo! Finance
The company also posted quarterly results that mostly missed analysts' consensus forecasts. Philips said it now expects 2024 comparable sales growth between 0.5% and 1.5%, down from its previous forecast of between 3% and 5%. American depositary receipts (ADRs) of Koninklijke Philips ( PHG ) are tumbling more than 15% in premarket trading Monday after the Dutch conglomerate cut its 2024 sales outlook amid a "significant deterioration" in Chinese demand. The company also posted quarterly results that mostly missed analysts' consensus forecasts. Philips said it now expects 2024 comparable sales growth between 0.5% and 1.5%, down from its previous forecast of between 3% and 5%. "In the quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions," Chief Executive Officer (CEO) Roy Jakobs said. "We have adjusted our full-year sales outlook to reflect the continued impact from China." Philips' third-quarter
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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