Supply chain disruptions affect performance of Philips

Dutch conglomerate Koninklijke Philips NV expects third-quarter sales to decrease 5% year-over-year to €4.3 billion ($4.2 billion) due to prolonged supply chain disruptions and a worsening economy, MassDevice reported. The company also expects to log a €1.3 billion impairment of goodwill charge in the third quarter as it faces a proposed U.S. Department of Justice consent decree over a massive recall of respiratory devices.