Infineon Withdraws Fiscal 2020 Outlook Due to Coronavirus
March 26 2020 - 9:20AM
Dow Jones News
By Mauro Orru
Infineon Technologies AG said Thursday that it is withdrawing
its guidance for fiscal 2020 due to coronavirus uncertainty.
The German chip maker said implications on sales and earnings
for the year ending September can't be reliably assessed or
quantified at this stage.
Infineon was previously expecting revenue growth by 5%
year-on-year, plus or minus two percentage points.
The company said the pandemic could "lead to a noticeable
decline in revenue" compared to the previous fiscal year, weighing
on profitability.
Infineon said it expects revenue for the quarter ending on March
31 to come in around the lower end of the guided range, adding that
disruptions caused by containment measures will harm the second
half of the year.
The company said it expects to provide an update on May 5.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
March 26, 2020 09:05 ET (13:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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