(Bloomberg) -- ABB Ltd. is preparing to kick off a fresh attempt to sell its power-conversion unit as Chief Executive Officer Bjoern Rosengren continues to offload peripheral businesses, according to people familiar with the matter.Most Read from BloombergThis Is How China Could Hit Back Over Pelosi’s Taiwan VisitSneakerhead Accused of Running Huge Air Jordan Ponzi SchemeChina Warns Airlines to Avoid ‘Danger Zones’ Around TaiwanThe Swiss engineering company plans to start soliciting interest in
The demand for electrical products is growing steadily, but you wouldn't know it from ABB's (NYSE: ABB) second-quarter 2022 financial results. Revenue was down 3% and net income fell 50%, which seem like indicators that we could be in a recession, even in electrical products. Q2 revenue was down 3% to $7.25 billion, and net income fell 50% to $379 million, or $0.20 per share.
ABB's second-quarter 2022 revenues decrease 3% year over year due to lackluster performance across most segments. Order rises across all segments.