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Siemens (NASDAQOTH: SIEGY ) saw a decline in net income in its Q1 2013, the company revealed in an earnings release. The bottom line for the quarter was 1.2 billion euros ($1.6 billion), 12% lower on a year-over-year basis. Revenue, however, saw a slight uptick to 18.1 billion euros ($24.1 billion) from Q1 2012's 17.8 billion euros ($23.7 billion).
The company warned that it would fail to meet its targets for the rest of the fiscal year. Company CEO Peter Loscher was quoted in the release as saying that "we don't expect any tailwinds from the global economy to help us reach our ambitious goals."