IFNNY Infineon Technologies AG (QX)

By Adria Calatayud

Infineon Technologies on Thursday raised its revenue and profitability outlook for fiscal 2023 after reporting second-quarter results that came in above consensus expectations.

The German chip maker said it now anticipates revenue for the year to September to be around 16.2 billion euros ($17.92 billion), plus or minus EUR300 million, against its previous expectation of around EUR15.5 billion. The company said it expects a segment result margin--a key profitability metric--of 27%, higher than the 25% it had previously forecast.

For the quarter ended March, the company reported a net profit of EUR826 million compared with EUR728 million the prior quarter. Quarterly revenue rose to EUR4.12 billion from EUR3.95 billion the previous quarter.

Analysts polled by FactSet expected Infineon's net profit to be EUR712.7 million on revenue to be EUR4.03 billion.

The company said its segment result for the second quarter grew EUR1.18 billion from EUR1.11 billion in the first quarter, with a margin of 28.6%.

For the fiscal third quarter, Infineon guided for revenue of around EUR4 billion and a segment result margin of around 26%.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

May 04, 2023 02:10 ET (06:10 GMT)

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