Infineon: shares drop after third profit warning
(CercleFinance.com) - Infineon shares are down for a second day running on Thursday after the German chipmaker cut its annual forecasts for the third time yesterday.
The company now expects revenue to come in at approximately 8 billion euros for the 2019 fiscal year, up 5% from the 7.6 billion euros it made in the 2018 fiscal year.
Infineon previously said that it expected to be able to grow revenue by about 9% this year.
The chipmaker also said that it expects its so-called "segment result margin" to be 16% this year, versus its previous forecast of 17.5%.
In a statement, the Neubiberg-based group noted "slower demand recovery than expected."
"A number of endmarkets continue to be sluggish," it said, in particular citing declining vehicle sales in China.
The stock was down 2% after falling 5.2% yesterday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The company now expects revenue to come in at approximately 8 billion euros for the 2019 fiscal year, up 5% from the 7.6 billion euros it made in the 2018 fiscal year.
Infineon previously said that it expected to be able to grow revenue by about 9% this year.
The chipmaker also said that it expects its so-called "segment result margin" to be 16% this year, versus its previous forecast of 17.5%.
In a statement, the Neubiberg-based group noted "slower demand recovery than expected."
"A number of endmarkets continue to be sluggish," it said, in particular citing declining vehicle sales in China.
The stock was down 2% after falling 5.2% yesterday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.