$4.9 Billion Loss To Philips; Claims Essential Memory Chip Shortage

Amsterdam-based Technological company Philips said on October 23, the sales have dropped to 7.6 percent losing $4.9 billion as a shortage of electronic components such as memory chips which are hampering the production and supply. Globally China dominates as a chip manufacturing, but however, due to increased demand and reduction in supply, several companies are getting affected including the healthcare technological supplier Philips.