FRANKFURT: German industrial giant Siemens on Thursday raised its outlook for the year after a strong first quarter boosted by spending on artificial intelligence.
Along with other industrial firms, including France’s Schneider Electric, Siemens – which makes electrical gear – has benefited from a buildout of data centres in the US that provide the computing power for artificial intelligence.
Core earnings at the firm rose 15% in its first quarter to end December to reach €2.9 billion (US$3.4 billion), it said, while revenue rose 4% to €19.1 billion.