IFNNY Infineon Technologies AG (QX)

   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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