Monday, October 24, 2022

Philips Posts Q3 Loss, Warns On Q4 Sales; Cuts Around 4,000 Jobs

Shares of Philips Electronics NV were losing around 3 percent in the morning trading in Amsterdam as well as in pre-market activity on the NYSE after the Dutch consumer electronics giant reported a loss in its third quarter, compared to prior year's profit, with weak orders. Looking ahead for the fourth quarter, Philips expects a mid-single-digit comparable sales decline.

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