By Emily Dattilo
Shares of Philips were spiraling after the Dutch maker of healthcare equipment turned in disappointing quarterly results.
American depositary receipts of Philips tumbled 12% to $24.94 in premarket trading Wednesday.
For its fourth quarter, the company reported a loss of 36 European cents (38 cents) a share and adjusted earnings of 51 European cents. Wall Street had penciled in 55 European cents, according to FactSet.
Sales of EUR5.04 billion were below the consensus estimate for EUR5.08 billon.
"Comparable sales increased by 1%, including a double-digit decline in China," Philips said in the earnings release. "Growth was driven by Connected Care while the Diagnosis & Treatment and Personal Health segments showed a decline, mainly due to lower demand from consumers and health systems in China."
For 2025, the company forecasts comparable sales growth of 1% to 3%, which includes a mid- to high-single-digit decline in China and factors in the effect of tariffs the U.S. has imposed on China.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 19, 2025 08:08 ET (13:08 GMT)
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