- Michelin-starred Thai street food cook hints at retirement
- Crisis-hit VW mulls closing at least three German plants
- Middle East aid workers say rules of war being flouted
- Taijul vows Bangladesh to bounce back in second South Africa Test
- Ship with suspected toxic waste returns to Albania
- Saka regrets Arsenal not showing 'our best selves' against Liverpool
- Afghanistan morality ministry spreads 'living things' images ban
- Spanish PM in India seeking to bolster trade ties
- Israel presses Gaza and Lebanon assaults as Egypt touts truce plan
- Carbon cuts 'miles short' of 2030 goal: UN
- Crisis-hit VW eyeing plant closures, deep pay cuts: report
- Trump, Harris lean on traditional bases eight days before US vote
- Still no snow on Japan's Mount Fuji, breaking record
- Philips lowers sales outlook on drop in China orders
- Paris show spotlights Afghan women who 'lost hope'
- Climate change-worsened floods wreak havoc in Africa
- French screen legend Depardieu faces sexual assault trial
- Record number of women win seats in Japan election
- Vinicius favourite for Ballon d'Or in post-Messi/Ronaldo era
- Milan and Inter back on long road towards a new San Siro
- Oil prices tumble as Iran fears ease, yen weakens after Japan polls
- Olympus CEO resigns over alleged illegal drugs purchase
- After disastrous election, what happens to Japan's new PM?
- Bangladesh immunity order sparks fears of justice denied
- North Korea says probe 'proved' Seoul to blame for drones
- Wallabies return to Perth and Townsville for 2025 Tests
- Australia rest Test stars for Pakistan T20 series
- New storm bears down on Philippines after deadly Trami
- 'Wiped off the face of the Earth': How Russia erased a Ukrainian city
- Down to the wire: Trump, Harris in final week push
- NFL Chiefs stay unbeaten as Commanders win on miracle catch
- Trump's New York rally attacks Harris, draws criticism
- Maxey scores 45 points to propel 76ers over Pacers
- Left, center-right candidates to duel in Uruguay presidential runoff: estimates
- Debutant Sears shines as US women rally to beat Iceland
- Sainz achieves wish with one more win for Ferrari
- Timothee Chalamet crashes his own look-alike contest
- McLaren say Verstappen penalties 'not enough' after 'ridiculous' Mexico move
- Eight-try Toulouse flatten Toulon to go top of Top 14
- Sainz wins Mexico Grand Prix as Norris makes most of Verstappen penalty
- Trump leads New York rally as Harris targets grassroots
- Injured Springbok Willemse to miss November Tests
- NFL Browns upset Ravens while Tagovailoa loses in comeback
- Yildiz saves Juve in eight-goal thriller at Inter as Napoli pull away
- Yildiz drags Juve back from brink in eight-goal thriller at Inter
- Ford added to England squad for New Zealand clash
- Faltering Atletico stumble again at Real Betis
- Ohtani to play World Series game three after injury scare - report
- In uncertain US election, two prestige papers refuse to pick sides
- England's Slade eager to face New Zealand after Exeter return
Philips lowers sales outlook on drop in China orders
Dutch medical device maker Philips lowered Monday its full year sales target, blaming drop in demand from Chinese hospitals as it released third quarter results.
Markets reacted negatively to the announcement with Philips's share price dropping by more than 11 percent in morning trading on the Amsterdam stock exchange's blue-chip AEX index.
A "significant deterioration" in Chinese demand forced Philips to adjust its expected growth in sales to 0.5 to one percent for 2024, the Amsterdam-based company said.
Philips had previously anticipated three to five percent sales growth.
"In the quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions," chief executive Roy Jakobs said.
"We have adjusted our full-year sales outlook to reflect the continued impact from China," Jakobs said.
Third quarter sales came in at 4.37 billion euros ($4.7 billion), a drop of two percent from the same period last year.
When stripped of exceptional items sales were flat.
The company saw net profit double from the same period last year to 181 million euros, with Jakobs pointing to "productivity measures and the improved margins of our AI-driven, industry-leading innovations".
Philips earlier this year reached a $1.1 billion deal to settle lawsuits in the United States over faulty sleep machines.
The crisis erupted in 2021, with millions of devices recalled over concerns that users were at risk of inhaling pieces of noise-cancelling foam and fears it could potentially cause cancer.
Starting off as a lighting company more than 130 years ago, Philips has undergone major changes in recent years, selling off assets to focus on making high-end electronic healthcare products.
F.Carias--PC