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International Business Times

Business

AFP News

Siemens Profits Soar On Software Demand, AI 'Boom'

Siemens Roland Busch

Siemens CEO Roland Busch said the German group was 'benefiting from the boom in artificial intelligence' (Credit: AFP)

German industrial giant Siemens said Thursday its quarterly profits jumped sharply, driven by demand for production software as well as the "boom" in artificial intelligence and customers upgrading power grids.

Net profit was 1.98 billion euros ($2.2 billion) from April to June -- up about 50 percent from a year earlier and higher than analyst forecasts -- on revenue of 18.9 billion euros.

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