Philips shares fell to the lowest level in seven years after the company missed earnings expectations and warned trade wars and Brexit will weigh on its business.

Philips said it expects sales growth to accelerate over the remainder of the year after US orders jumped 9% in the second quarter.

Philips shares slumped the most in eight months on prospects the Dutch manufacturer will sell its lighting division through an initial public offering, earning less than a private sale, which has so far been unsuccessful.