Salem Radio Network News Thursday, June 1, 2023


Infineon raises 2023 outlook on automotive and industrial strength

FRANKFURT (Reuters) – German chipmaker Infineon has raised its outlook for both its financial second quarter and the whole of 2023, it said on Tuesday, citing “resilient business dynamics” at its automotive and industrials divisions.

The group said it now expected 2023 sales significantly above the 15.5 billion euros ($16.8 billion) forecast previously.

It said there would be a corresponding positive impact on margins, without specifying.

Frankfurt-listed shares in the company narrowed losses to trade 0.1% lower at 1733 GMT.

Second-quarter sales, which will be officially released on May 4, are now forecast above 4 billion euros, the group said, compared with around 3.9 billion euros previously.

Better pricing and more favourable energy costs will also lead to a second-quarter segment results margin in a high twenties percentage range, above the 25% it had expected.

Infineon, whose chips are used in cars and data centres, last month lifted its full-year profit margin forecast on strong demand from carmakers that led to higher prices.

($1 = 0.9228 euros)

(Reporting by Christoph Steitz; Editing by David Goodman and Mark Potter)


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