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
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.
Chief executive officer Joe Kaeser, who is focusing Siemens on energy generation and distribution, needs to cut costs as he faces mounting investor pressure after his decision…
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