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Siemens misses profit expectations, cuts 4,500 more jobs
[FRANKFURT] German industrial group Siemens fell short of market expectations with a 5 per cent drop in quarterly industrial profit as an unexpectedly weak result at its digital factory unit compounded problems at its energy operations.
Siemens said on Thursday it would cut an additional 4,500 jobs, half of them in Germany, as it struggles with low demand and price erosion in its core gas turbines business while grappling with a host of other underperforming operations.
Profit from Siemens' industrial businesses in the quarter to end-March was 1.7 billion euros (S$2.6 billion), below a Reuters poll average forecast of 1.78 billion euros.