Siemens Posts Downbeat FQ3 Profit

Siemens AG SI posted a weaker-than-expected FQ3 profit. The company's quarterly net profit came in at 823 million euros ($996 million), versus analysts' estimates of EUR1.32 billion. Siemens' revenue surged 10% y/y to EUR19.5 billion, beating analysts' estimates of EUR18.95 billion. Its new orders dropped 23% to EUR17.8 billion, versus analysts' estimates of EUR19.86 billion. Siemens shares closed at $82.39 yesterday.