Philips stock tumbles toward biggest selloff since 2008 after downbeat revenue outlook

The U.S.-listed shares of Koninklijke Philips N.V. PHG, -15.24% PHIA, -15.46% plunged 15.7% toward a adjacent two-year debased successful greeting trading Wednesday, aft the Netherlands-based aesculapian technologies and products institution provided a downbeat gross outlook, citing "intensified planetary proviso concatenation shortages" and the postponement of lawsuit instrumentality installations. The stock, which was the biggest decliner listed connected the NYSE, was headed for the biggest one-day selloff since it dropped 15.9% connected Oct. 15, 2008. The banal is besides connected way for the lowest adjacent since March 2020. Philips said overnight that it present expects fourth-quarter gross of astir EUR4.9 cardinal ($5.6 billion), which is astir EUR350 cardinal beneath erstwhile guidance. "[W]e faced importantly intensified planetary proviso concatenation issues crossed our businesses, successful summation to lawsuit postponement of instrumentality installations successful hospitals," said Chief Executive Frans van Houten. Separately, the institution said it accrued the field-action proviso related to the Philips Respironics recall by astir EUR225 million, owed to higher volumes of devices requiring remediation and accrued proviso costs. Philips' banal has plunged 24.2% implicit the past 3 months, portion the S&P 500 SPX, +0.42% has gained 8.3%.