Philips cuts annual sales outlook as China demand deteriorates
Philips said on Monday that demand in China slumped significantly in recent months, forcing the Dutch medical devices maker to lower its sales outlook for the year.
Asian-News.net is your go-to online destination for comprehensive coverage of major news across Asia. From politics and business to culture and technology, we bring you the latest updates, deep analyses, and critical insights from every corner of the continent. Featuring exclusive interviews, high-quality photos, and engaging videos, we keep you informed on the breaking news and significant events shaping Asia. Stay connected with us to get a 24/7 update on the most important stories and trends. Our daily updates ensure that you never miss a beat on the happenings in Asia's diverse nations. Whether it's a political shift in China, economic development in India, technological advancements in Japan, or cultural events in Southeast Asia, Asian-News.net has it covered. Dive into the world of Asian news with us and stay ahead in understanding this dynamic and vibrant region.
Philips said on Monday that demand in China slumped significantly in recent months, forcing the Dutch medical devices maker to lower its sales outlook for the year.
Shares of Dutch device maker Philips jumped as much as 15% on Monday after the company reported better-than-expected second-quarter earnings.
Philips shares soared to a more than two-year high Monday after the Dutch medical devices giant agreed to a $1.1 billion settlement in the U.S. for personal injury cases linked to the recall of some of its sleep apnea devices.
Dutch health technology company Philips will not sell new devices to treat sleep apnea in the U.S. in the coming years as it works to comply with a settlement with the Food and Drug Administration (FDA) announced on Monday.
This was CNBC's live blog tracking developments at the World Economic Forum .