Siemens AG reported on Thursday its revenue in the third fiscal quarter of 2020 fell 5% year-on-year to €13.5 billion. Net income dropped 53% to €535 million, or €0.67.

Orders were €14.4 billion, down 7% on a yearly basis, primarily to declines in Siemens Healthineers and Smart Infrastructure, while Digital Industries' orders were also down. The decrease was offset partially by a higher volume from large orders and a slight yearly order growth in Mobility. The book-to-bill ration stood at 1.07.

"Despite the severe global crisis, we delivered strong operating performance and rigorously drove our realignment forward. Our strategy concept Vision 2020+ is gaining traction, and Healthineers is testimony that shows the program's strategic and transformational power," chief executive Joe Kaeser stated in the press release.