Philips Shares Drop Most in 26 Years After Warning on Sales
- Order intake declined due to the slump in the Asian nation
- Visibility in China is low, CEO Roy Jakobs tells Bloomberg TV
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Royal Philips NV fell the most in 26 years after the medical technology firm slashed its annual sales-growth forecast on tepid demand in China.
Philips expects comparable sales to grow as much as 1.5% in 2024, down from a previous forecast of as much as 5%. Order intake decreased 2% in the third quarter due to the China slump, it said Monday.