Philips shares rocket 29% as firm settles U.S. respiratory device case
Publishing timestamp: 2024-04-29 11:34:59
Summary
Philips shares soared to a two-year high after agreeing to a $1.1 billion settlement in the U.S. for personal injury cases linked to the recall of some of its sleep apnea devices. The company did not admit fault or liability, and the settlement ends uncertainty over litigation. The provision for the settlement was lower than expected, and Philips reiterated its full-year guidance despite reporting a loss in the first quarter.
Sentiment: MIXED
Tickers: PHIA-NL,
Keywords: earnings announcements, koninklijke philips nv, business news, markets, breaking news: markets,