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Siemens says profits down, this quarter could be the bottom

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FRANKFURT – Siemens AG, maker of trains, power generators and medical scanners, saw net profit sag during the most recent quarter due to the virus outbreak.

The company abandoned its business forecast for the year, saying it expected the downturn to bottom out in the current quarter.

Net profit fell to 697 million euros ($755 million) in the first three months of the year, the company's fiscal second quarter, from 1.92 billion euros in the year-earlier quarter.

Revenue was down slightly to 14.22 billion euros from 14.24 billion euros. The maker of big-ticket industrial equipment and infrastructure said it was able to operate production sites and supply chains near normal levels but that the outbreak meant lower demand, income and cash

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United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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