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Philips drops 2020 outlook as coronavirus hits Q1 earnings

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Philips said earnings before interest, taxes and amortisation (EBITA) dropped 33 per cent from a year earlier in the first quarter to 244 million euros (S$377 million), while comparable sales declined 2 per cent to 4.15 billion euros.

[AMSTERDAM] Dutch health technology company Philips on Monday dropped its outlook for the rest of the year, as the global coronavirus outbreak took a large bite out of its first-quarter earnings while the second quarter was set to be even worse.

Philips said earnings before interest,...

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