AMSTERDAM—Philips shares plunged more than 11 percent on Wednesday morning after the Dutch health technology company hiked the cost of its massive recall of ventilators and said earnings would take a big hit from global supply chain shortages.
The supplier of hospital equipment and personal health devices said it expected fourth-quarter core profit to drop almost 40 percent to about 650 million euros ($739 million), as it continued to scramble for memory chips and other parts.
