Infineon: profit drops, but meets expectations
(CercleFinance.com) - German chipmaker Infineon reported lower quarterly net profit that met estimates, saying that it performed well in a "challenging market environment.
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On Thursday Infineon posted third-quarter net profit of 224 million euros, down from 271 million euros a year earlier. Meanwhile, revenue rose by 4% to over 2 billion euros.
"Although the global economy remains sluggish, Group revenue again grew in the third quarter," said CEO Reinhard Ploss. "Demand was solid overall, despite the lack of significant growth momentum," he added.
Infineon confirmed its full-year 2019 revenue forecast of 8 billion euros, up about 5% year-on-year.
The stock was up 1.3% at 17.3 euros in Frankfurt after this report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
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On Thursday Infineon posted third-quarter net profit of 224 million euros, down from 271 million euros a year earlier. Meanwhile, revenue rose by 4% to over 2 billion euros.
"Although the global economy remains sluggish, Group revenue again grew in the third quarter," said CEO Reinhard Ploss. "Demand was solid overall, despite the lack of significant growth momentum," he added.
Infineon confirmed its full-year 2019 revenue forecast of 8 billion euros, up about 5% year-on-year.
The stock was up 1.3% at 17.3 euros in Frankfurt after this report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.