Infineon Lowers Guidance Amid Broader Slump in Chip Demand
- Revenue outlook for 2024 cut by €1 billion at the midpoint
- Second quarter will see marked decline in industrial sales
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Infineon Technologies AG forecast lower-than-expected revenue this year as the German chipmaker is hit by a broader slump in semiconductor demand from industrial customers.
Revenue is expected to be €15.5 billion to €16.5 billion ($16.7 billion to $17.7 billion), lower than its previous guidance midpoint of €17 billion, the German chipmaker said in a statement on Tuesday. That compares to the €16.8 billion average analyst estimate, according to a consensus compiled by Bloomberg.