Infineon Posts Higher Revenue in Challenging Environment
August 03 2023 - 2:20AM
Dow Jones News
By Mauro Orru
Infineon Technologies backed its guidance for the year after
posting higher revenue for its fiscal third quarter, despite a
challenging market environment.
The German chip maker on Thursday reported revenue of 4.09
billion euros ($4.47 billion) in the three months ended June 30, up
13% on year. Its automotive business contributed EUR2.13 billion to
the total.
"On the one hand, in electromobility, renewable energy and
related application areas, demand has stayed high. On the other
hand, demand for consumer applications, such as PCs and smartphones
remains low," Chief Executive Jochen Hanebeck said.
Net profit climbed to EUR831 million from EUR517 million.
Infineon's segment result, a key profitability metric, increased to
EUR1.07 billion from EUR842 million, generating a 26.1% margin.
Infineon had guided for third-quarter revenue of around EUR4
billion, and a segment result margin of about 26%.
For its fiscal fourth quarter, Infineon is targeting revenue of
around EUR4 billion, and a segment result margin of around 25%.
For fiscal 2023, Infineon continues to expect revenue of EUR16.2
billion, and a segment result margin of around 27%.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
August 03, 2023 02:05 ET (06:05 GMT)
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