Siemens posts a first quarter loss

Siemens AG has come out with their revenue reports and the company has posted its first quarterly loss since 2001.

The company stated that they lost 155 million Euros in this quarter. This is pretty bad compared to profits of 90 million Euros in the same period last year.

Siemens said that they suffered due to costs related to the sale of its automotive electronics unit.

The company also was fined from the bribery and corruption investigations which hurt their revenue figures.

Siemens further stated that they have fired as many as 500 workers for disciplinary reasons, including corruption and breach of trust allegations.

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