American depositary receipts (ADRs) of Koninklijke Philips (PHG) are tumbling more than 15% in premarket trading Monday after the Dutch conglomerate cut its 2024 sales outlook amid a "significant deterioration" in Chinese demand.

The company also posted quarterly results that mostly missed analysts' consensus forecasts.

Philips said it now expects 2024 comparable sales growth between 0.5% and 1.5%, down from its previous forecast of between 3% and 5%.

CEO Notes 'Continued Impact From China'

"In the quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions," 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Roy Ja🐬kobs said. "We have ad꧅justed our full-year sales outlook to reflect the continued impact from China."

Philips' third-quarter sales of 4.38 billion euros ($4.74 billion) were down from the 4.47 billion euros posted last year, and also lagged the consensus estimate of 4.55 billion euros from analysts polled by Visible Alpha. 

Its third-quarter net income of 181 million euros and 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of 0.19 euros also fell short of estimates, altho𒈔ugh adjusted earnings o𝄹f 0.32 euros per share narrowly beat expectations. 

The company's ADRs had been up 40% this year through Friday's close but are 16% lower in premarket trading.