Siemens second-quarter net profit slid 67%, weighed down by weaker performance in its major business projects, an Associated Press report said.
The Munich-based company earned â‚¬412 million (US$641.5 million) in the January-March period, compared with â‚¬1.26 billion a year earlier, the Associated Press report said.
That was better than the â‚¬351 million (US$546.5 million) that analysts polled by Dow Jones Newswires had forecast.
The slip was no surprise. According to the report, last month Siemens warned that weaker-than-expected performance in its major business projects would trim its earnings by about â‚¬900 million (US$1.4 billion).
In February, Siemens said it would reorganise its corporate telecom unit as it prepares to get out of the business, eliminating 3,800 jobs while transferring another 3,000 to partners or other units - its biggest cuts in years.
Sales rose 1% to â‚¬18.09 billion (US$28.2 billion) in the quarter, compared with 18 billion euros a year earlier, as new orders rose 12% to â‚¬23.3 billion (US$36.3 billion) from â‚¬20.8 billion in the same period last year.