The month of April also saw Heinrich von Pierer, chairman of Siemens' supervisory board, and CEO Klaus Kleinfeld leave the firm.

FORBES: Siemens Anti-Corruption Chief Canned

Germany's most powerful labor union, IG Metall, accused Siemens in April of funding rival union AUB between 1992 and 2005, while von Pierer was CEO.

FORBES: Siemens Anti-Corruption Chief Canned

Its chief executive, Heinrich von Pierer, has also acknowledged that it has lacked attractive new handsets in comparison to rivals such as Motorola, Samsung and Nokia.

BBC: Siemens cuts 2,300 jobs

"A majority of our operating units improved their earnings compared with the same period a year ago, but we are well aware of the challenges still ahead, " said chairman Heinrich von Pierer.

BBC: Siemens to cut 6,500 more jobs

Siemens' president and chief executive Dr Heinreich von Pierer forecasts that the growth in IT will return, but they are unlikely to see levels of growth seen at the height of the boom.

BBC: US Secretary of State Colin Powell