Shares of Philips Electronics NV were gaining around 12 percent in the morning trading in Amsterdam after the Dutch consumer electronics giant reported Monday higher adjusted EBITA and sales in its first quarter, and said it is confident for fiscal 2023. Net loss, meanwhile, was wider than last year as it set aside a significant litigation provision related to the anticipated resolution of the Respironics recall in the U.S.
Roy Jakobs, CEO of Royal Philips, said, "Looking ahead, based on our solid performance in the quarter, our order book, and the ongoing actions to further improve execution, we are confident in our plan for the year 2023, acknowledging that uncertainties remain."
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