Infineon’s quarterly profit fell by 19% – Kommersant
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In the first quarter of the 2024 fiscal year, ending December 31, 2023, the revenue of the German chip manufacturer Infineon decreased by 6%, amounting to €3.7 billion. Net profit fell by 19%, to €587 million. In addition, Infineon worsened its forecast for 2024 as a whole. Revenue is expected to be approximately €16 billion, down 2% from a year earlier. The company’s shares fell 3.2%.
Infineon, one of Europe’s largest chip makers, is seeing weaker demand from industrial customers. The company forecasts a “noticeable decline” in sales of some types of industrial chips in the second quarter. Before the second half of the year, a significant increase in sales of chips for the production of consumer electronics, telecommunications equipment, and Internet of Things devices is not expected.
As noted Bloomberg, previously other industrial chip manufacturers, including STMicroelectronics NV and Texas Instruments, also gave unfavorable forecasts for the near future. Revenue at Norwegian chipmaker Nordic Semiconductor fell 43% in the first quarter. The company notes a decline in sales of chips for Bluetooth equipment.
Read about what awaits the global semiconductor market in 2024 in the Kommersant article. “Chip of Good Hope”.
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