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Bosch Sales Up, Earnings Down
Robert Bosch GmbH reports its sales in 2016 grew 4% to €73.1 billion ($78.1 billion). But adjusted earnings before interest and taxes dropped 11% to €5.8 billion.
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Robert Bosch GmbH reports its sales in 2016 grew 4% to €73.1 billion ($78.1 billion). But adjusted earnings before interest and taxes dropped 11% to €5.8 billion.
The giant automotive supplier says it hit its sales target, even though unfavorable exchange rates cut revenue by €1.3 billion ($1.4 billion) last year. Sales by Bosch’s mobility solutions operations grew 6% to 44 billion ($47.2 billion).
Bosch attributes last year’s earnings downturn to increased spending on such advanced technologies as artificial intelligence. The company also predicts that within five years products that use AI will account for 10% of its sales. By 2027 Bosch expects virtually all its products to either contain AI features or use them in the manufacturing process.
AI work at the company is coordinated through the Bosch Center for Artificial Intelligence, which operates facilities in Renningen, Germany; Bengaluru, India; and Palo Alto, Calif. Bosch says it will spend €300 million by 2021 to expand the center.
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