"Philips' Order Drop Overshadows Improved Outlook, Shares Retreat"

Health technology group Philips reported a fourth consecutive drop in order intake, with an 8% decrease in the April-June period. The company warned of uncertain global market conditions and expressed concerns about the relationships between the US, China, and the EU, as well as China's push for self-sufficiency in critical technologies. Despite this, Philips reported strong demand in China and a 15% sales increase in growth geographies. The company expects orders to increase in the second half, and slightly updated its full-year targets, now expecting mid-single-digit sales growth and an adjusted EBITA margin at the upper end of the high single-digit range. Philips shares fell 5% following the news.