Infineon Technologies 1Q Net Profit, Revenue Fell
February 05 2020 - 2:28AM
Dow Jones News
By Mauro Orru
Infineon Technologies AG (IFX.XE) said Wednesday that net profit
and revenue for the first quarter of its fiscal year fell amid a
difficult environment.
The German chip maker said net profit for the quarter ended Dec.
31 fell to 210 million euros ($232 million) from EUR254 million in
the first quarter last year, while revenue decreased to EUR1.92
billion from EUR1.97 billion.
Infineon said in November 2019 that it expected revenue to drop
roughly 7% year-on-year in the first quarter.
"Under difficult conditions, revenue fell in line with
expectations," said Chief Executive Reinhard Ploss, adding that "we
do not expect to see a broad based recovery of demand before the
second half of the fiscal year."
The company reported a gross margin of 37% for the quarter, down
from 39.5% for the same period last year, while its closely watched
segment result margin fell to 15.5% from 18.2% last year.
Infineon said it continues to expect year-on-year revenue growth
of 5% for 2020, plus or minus 2%, with a segment result margin of
about 16%.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
February 05, 2020 02:13 ET (07:13 GMT)
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