Philips Slides as Order Drop Raises Doubts Over Sales Growth
- Order intake declines for a fifth quarter after China probe
- Company raises full-year outlook for sales growth and profit
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Royal Philips NV slumped after the medical-equipment maker’s order intake dropped for a fifth quarter in a row on lower demand in China.
New orders fell 9% in the three months through September in part because of a sweeping corruption probe in China targeting the country’s health-care sector. Product delivery times also dragged longer.