By Helena Smolak
Shares of Royal Philips slumped after the company posted a swing to a fourth-quarter net loss due to a tax charge and lower sales in China which it expects to continue this year.
In European morning trade, shares fell 8.6% to 2.34 euros. The stock is up 1.4% year to date and 0.6% higher over the past three months.
The Dutch health-technology company said Wednesday that its net loss for the fourth quarter was 334 million euros ($348.9 million), due to a 449 million euros tax charge, compared with a profit of 39 million euros for the comparable period a year earlier. A company-compiled consensus guided for profit of 302 million euros.
The company posted a double-digit sales decline in China. For 2025, it anticipates a mid- to high-single-digit sales decline in the country, which includes the impact of the recently announced U.S.-China tariffs.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
February 19, 2025 03:38 ET (08:38 GMT)
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