Philips pushes towards record highs after strong profits report
Philips shares rise nearly 3% on the Amsterdam Stock Exchange to 46.84 euros, close to its all-time highs, after the technology company announced a net profit of 1,187 million euros for 2020, 1.7% more than in the previous year. Sales of the Dutch multinational grew by 0.3% up to 19,535 million euros, due in large part to the medical technology sector, providing hospital ventilators or diagnostic imaging.
Despite this, the company is of the opinion that uncertainty is to continue due to the impact of the Covid-19 pandemic and estimates low, single-digit sales growth. Their diagnosis and medical technology sector will continue to carry its weight.
Source: Admiral Markets MetaTrader 5. Philips CFD daily chart (USD). Data range: from October 16, 2018 to January 25, 2021. Prepared on January 25, 2021 at 12:30 CET. Keep in mind that past returns do not guarantee future returns.
Philips shares are up so far in 2021 by just over 7%. In the graph above, corresponding to Contracts for Difference (CFDs) on Philips shares, we can see how from the lows it registered in March 2020 when the Covid-19 pandemic broke out, the company started a very consistent uptrend until which at the beginning of the new year, on January 4, 2021, reached record highs of $ 56.35.
In 2019, it rose just over 40%; in 2018, it fell 1.93%; in 2017, it rose 8.76%; in 2016, it climbed 23.09%.
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