Siemens recorded a loss following a writedown as well as drag from ongoing component shortages and pandemic lockdowns in China.
The German industrial giant said while it’s faced with a complex economic environment marked by sanctions on Russia, high inflation and effects of the pandemic, the company has avoided “larger disruptions”. The company, still in the process of revamping its business toward higher-margin, software-driven product lines, is facing higher costs due supply-chain problems, leading among them the chip shortages, and higher prices for raw materials. The company earlier in 2022 also abandoned its operations in Russia, ending a 170-year presence and losing about €4bn in cancelled orders.
Orders at the digital industries unit surged 32%, driven by factory-automation software and other labour-saving services, while profitability was held back by semiconductor shortages and higher expenses for cloud-based activities, Siemens said. Orders at the Smart infrastructure unit climbed by 26%, although revenues in China declined due to coronavirus lockdowns. Both units are central to Siemens push into higher-margin software offerings.
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