Siemens Reports Record Profit Despite Automation Job Cuts

The tech giant sees a €9 billion profit, driven by demand in electrification and software, while navigating challenges in automation.

Siemens achieved a record €9 billion profit in the fiscal year, partly due to a €500 million book gain from transferring Siemens Energy shares to its pension fund.
Despite the profit, Siemens plans to cut jobs in its automation sector, affecting a low to mid-four-digit number of employees worldwide.
The company aims to offset job cuts by offering affected employees positions within its 8,000 open roles across other sectors.
Siemens is pursuing a $10 billion acquisition of Altair Engineering to bolster its industrial software and AI capabilities.
Siemens Energy, a former subsidiary, also posted its first annual profit, aided by reduced losses at its wind turbine unit and strong grid technology performance.