financetom
Technology
financetom
/
Technology
/
Siemens quarterly profit beats market view on electrification, software
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Siemens quarterly profit beats market view on electrification, software
Aug 7, 2024 10:32 PM

FRANKFURT (Reuters) - German industrial gear maker Siemens posted better-than-expected earnings growth during the April-to-June quarter, buoyed by customers who are upgrading their electricity infrastructure and by demand for production software.

For its fiscal third quarter, Siemens on Thursday reported an 11% increase in operating profit before certain items to 3.0 billion euros ($3.3 billion), beating the average analyst forecast of 2.84 billion euros in a consensus posted on the group's website.

The maker of trains and factory automation systems confirmed its guidance for its fiscal year until end-September for revenue growth to be at the lower end of a range between 4% to 8%, when adjusted for currency swings, acquisitions and divestments.

Siemens said late on Wednesday that it aims to speed up the transition to a technology-focused enterprise by expanding its management board to seven members from five.

($1 = 0.9146 euros)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
South Korea prepares support package worth over $7 billion for chip industry
South Korea prepares support package worth over $7 billion for chip industry
May 11, 2024
SEOUL (Reuters) - South Korea is readying plans for a support package for chip investments and research worth more than 10 trillion won ($7.30 billion), the finance minister said on Sunday, after setting its sights on winning a war in the semiconductor industry. Finance Minister Choi Sang-mok said the government would soon announce details of the package, which targets chip...
Microsoft hit with $242 million US verdict in Cortana patent lawsuit
Microsoft hit with $242 million US verdict in Cortana patent lawsuit
May 10, 2024
(Reuters) - Microsoft ( MSFT ) must pay patent owner IPA Technologies $242 million, a federal jury in Delaware said on Friday after determining that Microsoft's ( MSFT ) Cortana virtual-assistant software infringed an IPA patent. The jury agreed with IPA after a week-long trial that Microsoft's ( MSFT ) voice-recognition technology violates IPA's patent rights in computer-communications software. IPA...
Lam Research's Options Frenzy: What You Need to Know
Lam Research's Options Frenzy: What You Need to Know
May 10, 2024
Financial giants have made a conspicuous bullish move on Lam Research ( LRCX ). Our analysis of options history for Lam Research ( LRCX ) revealed 9 unusual trades. Delving into the details, we found 55% of traders were bullish, while 44% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $200,899,...
Apple Plans On Revamping Siri During AI Reorganization: What's Going On?
Apple Plans On Revamping Siri During AI Reorganization: What's Going On?
May 10, 2024
Apple Inc ( AAPL ) is reportedly revamping Siri after executives Craig Federighi and John Giannandrea tested OpenAI’s ChatGPT, per the The New York Times. The overhaul, driven by concerns over AI’s impact on the smartphone market, marked Apple’s reorganization towards generative AI. Per the newspaper’s report, the new Siri promises improved conversational abilities and is set to debut at...
Copyright 2023-2025 - www.financetom.com All Rights Reserved