Electronics giant Philips on Wednesday issued a profit warning saying worse than expected demand in western Europe hurt its performance in the second quarter.

Shares dropped 10% in the first minutes of trading in Amsterdam, to €16.095.
The company said its lighting division will report low single-digit growth and shrinking margins.
The consumer products division is facing weak demand, declining licensing revenue and costs from exiting most of its tv business. Operating earnings are expected to be around €50m, down from €119m.
The company is due to report full second-quarter earnings on July 18.