UPDATE: Siemens Reports 17% Drop In Net Profit

Siemens AG (NYSE: SI) reported a 17% drop in its net profit for the final quarter of 2011.

Siemens' quarterly net profit declined to euro1.46 billion ($1.89 billion), versus analysts' estimates of euro1.396 billion. Its revenue rose 3% to euro17.9 billion.

Siemens' new orders fell 5% to euro19.8 billion.

Siemens shares fell 2.75% to $95.49 in pre-market trading.