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(Sharecast News) - Shares in Signify slumped on Friday after the world's largest lights manufacturer said it was cutting 180m in costs after missing annual earnings forecasts.
The Amsterdam-listed company said the plan would affect 900 jobs worldwide, as new boss As Tempelman implemented a strategic review.
Shares in the company fell 15% at one stage after Signify said it expected an adjusted core profit margin of between 7.5 - 8.5% for 2026.
Annual sales of 5.77bn missed consensus expectations of 5.81bn, while adjusted core earnings were 30m below forecasts at 511m.
Signify issued a profit warning in October after its US business was hit by falling demand from commercial and public sector clients amid tighter government spending.
It added on Friday that European public infrastructure projects remained weak in major markets including Germany, France and the Benelux countries, and market conditions across its global markets would remain challenging in 2026.
Reporting by Frank Prenesti for Sharecast.com
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