Shares in Royal Philips fell more than 10 per cent after the health technology company cut its guidance for the second time this year, pinning the blame on coronavirus pandemic lockdowns in China.
The medical equipment maker on Monday lowered its estimate for full-year sales growth to between 1 and 3 per cent, down from a previous forecast of between 3 and 5 per cent.
“Production in several of our factories, as well as those of our suppliers in China, was suspended for two months, which exacerbated the global supply chain and cost challenges,” said Frans van Houten, chief executive of Philips.
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