Philips said on Monday that demand in China slumped significantly in recent months, forcing the Dutch medical devices maker to lower its sales outlook for the year.
"In the (third) 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 in a statement.
"China remains a fundamentally attractive growth market for Philips in the long term, with market conditions expected to remain uncertain."
Philips now expects its comparable sales to grow by only 0.5% to 1.5% in 2024, down from previous forecast of 3% to 5% which it said would still be met in other regions.
Persons:
Philips, Roy Jakobs
Organizations:
Philips
Locations:
China