Dutch manufacturer Philips has become the latest company to cut its annual forecast because of supply chain snags, adding to worries for investors awaiting more information on the fallout from a huge recall of faulty respiratory devices.
The “intensified” supply chain issues, including a shortage in semiconductors and disruption in the global shipping network, made it harder to deliver on orders with revenues slipping 7.6 per cent in the third quarter compared with a year earlier. That pressure is expected to continue until at least the end of the year, Philips said on Monday.
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