Philips Slashes 2024 Sales Forecast Due to Plummeting China Demand

The Dutch medical devices maker reports a significant decline in Chinese demand, affecting its quarterly earnings and annual sales outlook.

Philips' third-quarter sales dropped 2% year-over-year to €4.38 billion, missing analyst expectations.
The company revised its 2024 sales growth forecast to 0.5% to 1.5%, down from an earlier estimate of 3% to 5%.
Demand for Philips products in China, especially in personal health and medical devices sectors, has significantly deteriorated.
Despite challenges in China, Philips reported solid growth in other regions and improved profit margins.
Philips' stock fell by over 15% in premarket trading following the announcement of the lowered sales outlook.