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Siemens Trims Forecast

March 14, 2001|Bloomberg News

Siemens, Germany's biggest engineering and electronics company, trimmed its forecast for sales and earnings this fiscal year as demand for mobile phones and semiconductors weakens. Sales will rise more than 10% in the year through September, Siemens said, when its chip-making unit, Infineon Technologies, is excluded. Siemens previously forecast sales would increase by that amount including Infineon. Siemens and rivals Ericsson and Motorola Inc. are suffering from a slowdown in mobile phone sales and slackening spending by phone companies as economic growth weakens.

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