Tagesschau, Germany
Philips Tower
Supply chain issues and ventilator recall campaigns have created problems for medical technology company Philips.
Sales and profits have fallen sharply – and the outlook is cloudy. Dutch company Philips is less optimistic about its business this year.
The company today lowered its forecast when it released its latest quarterly results.
Sales growth is now expected to be in single digits and adjusted margins will improve "modestly". This corresponds to the lower bound of the range previously promised, with earnings and sales falling sharply in the third quarter, with sales falling by 7.6% to €4.2 billion and operating profit falling by one quarter. As a result, the company lived up to the expectations of experts.
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