Philips profits and turnover in decline

Philips in RepTrak list
Photo credit: Alain Heeren/ Studio040

With a disappointing quarter, the technology group sees a decline in profit and turnover. The company had a turnover of about 4.2 billion euros last quarter, a decrease of 7 percent compared to the previous quarter. 

Philips suffered both from Corona lockdowns in China and from rising inflation. There were also problems with the supply of materials and parts. The war in Ukraine also weighed on the results.

Nonetheless, CEO Frans van Houten is optimistic about the months ahead. He expects a growth of 7 to 9 per cent in the offing. While measures are taken to increase productivity,  there is also a global demand for Philips health devices.

Source: Studio040

Translated by: Seetha

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