Philips shares slump after profit warning
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By Simon Kennedy, MarketWatch

LONDON (MarketWatch) — Shares in Dutch conglomerate Royal Philips Electronics slumped around 12% Wednesday after the firm warned that weak demand in Western Europe will hammer results at its lighting and consumer lifestyle arms.

The group, which is the world’s biggest light-bulb manufacturer, said its lighting arm has been hit by both weak consumer demand and low construction activity, which will result in low single-digit comparable sales growth for the unit in the second quarter.

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