PHG - Why Shares of Royal Philips Got Crushed Today
Shares in medical technology company Koninklijke Philips Electronics (NYSE: PHG) slumped more than 15% in early trading on Wednesday. The move comes after a disappointing update on its fourth quarter of 2021.
The company (also known as Royal Philips) now expects fourth-quarter sales to be 4.9 billion euros ($5.6 billion), 350 million euros lower than management's previous expectations. It put the miss down to a combination of supply chain shortages (principally electronic components and freight capacity) and postponements of customer equipment installations.
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Why Shares of Royal Philips Got Crushed Today