Siemens AG Launches New €6 Billion Share Buyback Program

Deep News05-13 16:00

Siemens AG has announced a new share buyback program with a volume of €6 billion (approximately $7.04 billion) and a maximum duration of five years. Concurrently, its industrial business revenue showed growth in the second quarter.

The German industrial giant reported on Wednesday that group revenue for the quarter ending in March remained stable at €19.76 billion. Net profit declined to €2.03 billion from €2.25 billion in the same period last year.

According to the market consensus compiled by Siemens AG, analysts had previously estimated the company's net profit at €1.92 billion and revenue at €20.14 billion.

Total orders for the period reached €24.11 billion, surpassing analysts' expectations of €22.29 billion.

Revenue from the Digital Industries business segment increased by 8% to €4.63 billion, while revenue from the Smart Infrastructure segment rose by 3% to €5.93 billion.

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