Koninklijke Philips (PHG) on Monday withdrew its outlook for this year, as the Dutch health technology company saw its first-quarter earnings hit hard by the impact of the global coronavirus outbreak.Looking ahead Philips is warning investors that the second quarter is poised to be even worse. In the first quarter, net income slumped to 39 million euros ($42.4 million) from 162 million euros during the same period last year. Earnings before interest, taxes and amortization (EBITA) dropped 33% to 244 million euros ($265 million), while comparable sales declined 2% to 4.15 billion euros.“The impact of COVID-19 gradually increased in the …read more
Source:: Yahoo Finance
