Infineon: stock down despite 'beat-and-raise' report
(CercleFinance.com) - German chipmaker Infineon raised its 2018 forecast and reported stronger-than-expected quarterly results on Wednesday, thanks to strong demand at its automobile business.
Infineon said it expected full-year revenue to rise by between 6.4% and 7.4%, at the upper hand of its previous forecast range of 4% to 7%.
However, Infineon shares did not rise after the statement, currently down 0.7% at 22.5 euros. They have risen by 20% over the past 12 months.
The German company reported a 5% rise in operating profit over the quarter ending in June to 354 million euros, exceeding the consensus by 7%.
Revenue grew by 6% to 1.9 billion euros. Infineon's automotive unit now accounts for 43% of total business.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Infineon said it expected full-year revenue to rise by between 6.4% and 7.4%, at the upper hand of its previous forecast range of 4% to 7%.
However, Infineon shares did not rise after the statement, currently down 0.7% at 22.5 euros. They have risen by 20% over the past 12 months.
The German company reported a 5% rise in operating profit over the quarter ending in June to 354 million euros, exceeding the consensus by 7%.
Revenue grew by 6% to 1.9 billion euros. Infineon's automotive unit now accounts for 43% of total business.
Copyright (c) 2018 CercleFinance.com. All rights reserved.