Chipmaker Infineon sees profits fall by half in Q2 [Yahoo! Finance]
INFINEON TECHS AG S/ADR (IFNNY)
NASDAQ:AMEX Investor Relations:
infineon.com/cms/en/about-infineon/investor
Company Research
Source: Yahoo! Finance
The firm reported that its second-quarter profit fell by 52% to €394 million ($424 million) from last year's €826 million. Earnings per share declined to €0.30 from €0.63 a year ago. Adjusted earnings per share were €0.42, compared to last year's €0.69. In the second quarter, Infineon generated Group revenue of €3.63 billion, down 12% from last year's €4.12 billion. Revenues fell 2% sequentially. For the third quarter, the company expects revenue of around €3.8 billion. For fiscal 2024, Infineon trimmed its forecast citing prolonged weak demand in major target markets as well as ongoing destocking at direct customers and distributors. Revenue for the year is now expected to be around €15.1 billion, plus or minus €400 million, while previously it was expected to be €16 billion, plus or minus €500 million. The Segment Result Margin is now expected to be around 20%, at the mid-point of the guided revenue range, while the previous view was in the low to mid-twenties percentag
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