Siemens warns on revenue pressure


Siemens (OTCPK:SIEGY) CFO Ralf Thomas tells German media that the company’s business volume fell by as much as 20% in FQ3 (April 1 to June 30).

Thomas did not rule out that capacity cuts in some business areas will be needed to adjust to demand levels.

Looking further down the road, Thomas doesn’t expected 2021 business activity to reach the level seen in 2019, but does see a competitive advantage for Siemens in some areas.

Siemens is still expected to complete the spinoff and public listing of Siemens Energy before the end of FY20.





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