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Siemens to axe another 3,500 staff

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Siemens will axe a further 3,500 jobs following a poor set of Q2 results, the company announced yesterday.

The job cuts will come from its corporate networks business and add to the 2,600 in the mobile side of the business announced two weeks ago. The cuts come on top of an appalling two weeks in the IT industry. A slowdown in the sale of mobile phones, chips and PCs has seen a huge number of companies' lay off staff. The current leader in terms of numbers is Ericsson, which said a week ago it was letting 12,000 staff go.

Siemens' Q2 profits fell by 11 per cent and Net income dropped from £407 million Q2 last year to £360 million. The company actually refused to give an expected future earnings figure. Sales rose 8 per cent - sparking the company to proudly point out it had overtaken Ericsson in terms of handsets and now sits third behind Nokia and Motorola. However, shares fell by up to 4 per cent.

Chief exec Heinrich von Pierer said: "The environment will get increasingly tougher, however. We will take further countermeasures."

The jobs losses put Siemens in second place over the number of staff axed in the past month. Some of the others are: Ericsson (12,000), Motorola (3,000), HP (3,000) SGI (1,000), Caldera (32). ®

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