Philips stock tumbles toward biggest selloff since 2008 after downbeat revenue outlook

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US-listed shares of Koninklijke Philips NV PHG,
-15.30%
PHIA,
-15.46%
The Netherlands-based medical technologies and products company headed for a nearly two-year low in morning trading on Wednesday after providing a downbeat revenue outlook, citing “profound global supply chain constraints” and the suspension of customer equipment installations. fell 15.7%. The stock, which was the biggest drop listed on the NYSE, was headed for its biggest one-day selloff since falling 15.9% on October 15, 2008. The stock is also on track to close its lowest since March 2020. Philips said overnight that it now expects fourth-quarter revenue of about EUR4.9 billion ($5.6 billion), which is about EUR350 million less than previous guidance. ,[W]In addition to customer suspension of equipment installations in hospitals, our businesses have faced significant global supply chain issues,” said chief executive Frans van Houten. Separately, the company said in a related field-action provision. developed Philips Respironics Recall Up to approximately EUR225 million due to an increased quantity of equipment in need of improvement and increased supply costs. Shares of Philips have declined 24.2% over the past three months, while the S&P 500 SPX,
+0.25%
rose 8.3 percent.

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