MUNICH: Siemens AG warned a market slump is set to continue after quarterly profit missed estimates due to a steep decline in the automotive, machine-building and energy businesses.
Adjusted earnings before interest, taxes and amortization from the company’s industrial business dropped 30% to 1.43 billion euros ($1.58 billion), the company said in a statement Wednesday. This compared with the average company-compiled analyst estimate of 1.88 billion euros.
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