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Infineon is raising its forecast for the year after a strong quarter

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Infineon got off to a good start in its new financial year. After a good start to the year, the German chip manufacturer has slightly increased its forecast for the current financial year.

Thanks to good business with the automotive industry, Infineon was able to increase sales and profits significantly, as he announced on Thursday in Neubiberg near Munich. As a result, the company raised its forecast slightly and wants to start production in Villach, Austria, around three months earlier.

Despite the negative effects of the weak dollar, profit rose to 256 million euros in Infineon’s first quarter, which runs from October to December. That is 22 percent more than in the same quarter of the previous year, which was not yet affected by Corona. Sales rose – also due to the takeover of US competitor Cypress – by 37 percent to 2.6 billion euros. For the year as a whole, sales and earnings should turn out to be better than previously forecast benefit, ”said the chairman of the board, Reinhard Ploss. “Semiconductors are needed more than ever.” dpa

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Sallie Anderson
Sallie works as the Writer at World Weekly News. She likes to write about the latest trends going on in our world and share it with our readers.

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