This is because its coffee machines, air purifiers and airfryers no longer fit with the company’s range of hospital equipment and personal health products.
It has spun off the lighting and consumer electronics divisions for which it was previously best known. Philips also reported its 2019 earnings, which showed its profit margin only inched up from 13.1% to 13.2% last year.Philips in October already said it would miss its target. Philips’ core earnings increased 10% to 1.066 billion euros in the fourth quarter, while comparable sales rose 3% to six billion euros.
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