Saturday, April 1, 2023
HomeMarketInfineon profit nearly doubles as revenue climbs on strong demand for chips

Infineon profit nearly doubles as revenue climbs on strong demand for chips

- Advertisement -

Infineon Technologies AG on Thursday posted higher revenue and profit for its fiscal first quarter as strong chips sales in the automotive and industrial segments offset weaker demand for smartphones, computers and data centers.

The German chip maker
IFX,
+1.47%
said revenue for the three months ended Dec. 31 climbed to 3.95 billion euros ($4.34 billion) from EUR3.16 billion the prior-year quarter. Infineon’s automotive segment contributed EUR1.87 billion to the total.

Net profit jumped to EUR728 million from EUR457 million. Infineon’s segment result, a key profitability metric, surged to EUR1.11 billion from EUR717 million, generating a margin of 28%.

Analysts polled by FactSet had forecast revenue of EUR4 billion, a net profit of EUR675 million and a segment result of EUR1 billion.

Infineon had guided for revenue of around EUR4 billion and a segment result margin of about 25%.

For the fiscal second quarter, Infineon is targeting revenue of around EUR3.9 billion, and a segment result margin of around 25%.

For the fiscal year, Infineon continues to expect revenue of around EUR15.5 billion, plus or minus EUR500 million, but raised its segment result margin forecast to around 25% from about 24% previously.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

Credit: marketwatch.com

RELATED ARTICLES
- Advertisment -

Most Popular