05:24 AM EDT, 10/28/2024 (MT Newswires) -- (Updates to add the recent stock movement in the first paragraph.)

Royal Philips (PHG) shares dropped more than 16% in recent premarket activity after the company reported Q3 adjusted earnings Monday of 0.32 euro ($0.35) per diluted share, unchanged from a year earlier.

A single analyst polled by Capital IQ expected $0.29.

Sales for the quarter were 4.38 billion euros, down from 4.47 billion euros a year earlier. Four analysts surveyed by Capital IQ expected 4.53 billion euros.

Philips said it now expects full-year 2024 comparable sales growth to be in a range of 0.5% to 1.5%, down from its prior outlook of 3% to 5%, amid deterioration in China demand.

Price: 26.45, Change: -5.22, Percent Change: -16.48