Dutch Health Tech Firm Philips' Q3 Earnings Miss Expectations, Lowers Annual Forecasts On Weak Demand In China

On Monday, Koninklijke Philips NV (NYSE:PHG) reported third-quarter adjusted EPS of 0.32 euros (or $0.35), missing the consensus of 0.35 euros.

“In the quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions. We have adjusted our full-year sales outlook to reflect the continued impact from China,” said Roy Jakobs, CEO of Royal Philips.

“Within a challenging macro environment, we remain focused on successfully executing our three-year plan to fully capture growth and margin expansion opportunities,” Jakobs added.

Also Read: Philips Issues Software Fix For Some Ventilators To Fix Power Alarms Issues, Oxygen Display Errors.

The Dutch conglomerate reported sales of 4.38 ...