German industrial conglomerate Siemens increased its profit from industrial activities by 22 percent to a record 3.89 billion euros (roughly 95 billion Czech crowns) in the fourth fiscal quarter. The company, which continues to benefit from strong demand linked to the construction of data centers for artificial intelligence (AI), announced the figures today. The profit exceeded the expectations of analysts, who had estimated it at 3.71 billion euros, Reuters news agency reported.
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Siemens Boosts Revenue and Orders: Growth Driven by Trains and Data Center Infrastructure
The company’s revenue in the fourth fiscal quarter, which ended on September 30, rose by 11 percent to 23.68 billion euros, and order volume increased by 58 percent to a record 34.77 billion euros. The growth was driven, among other things, by major orders for the train manufacturing division and strong results from the division supplying infrastructure for data centers.
Siemens now expects comparable annual revenue growth of seven to 11 percent over the medium term. The company thus improved its previous outlook, which anticipated growth in the range of six to nine percent.
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“Industrial AI opens unique growth opportunities for us, and Siemens is exceptionally well positioned in this respect,” said the company’s chief executive Roland Busch. “We want to grow faster than our key markets,” he added.
Siemens manufactures a wide range of products, from industrial software to trains. Siemens software is used, for example, to design data centers before they are built. The company also supplies hardware for these facilities, such as power distribution equipment.
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Source: ČTK
Image source: Unsplash
