Siemens cuts more jobs as Q2 profit disappoints
4,500 jobs to go as earnings from operations fall 4.9% on falling oil price, taking cuts since Dec to 13,100
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Munich
SIEMENS AG, Europe's largest engineering company, will cut another 4,500 jobs after second-quarter profit fell more than analysts estimated, burdened by the declining oil price.
Profit from so-called industrial operations fell 4.9 per cent to 1.66 billion euros (S$2.5 billion), the Munich-based company said in a statement. That missed the 1.71 billion euro average estimate of analysts surveyed by Bloomberg.
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