Infineon’s quarterly revenue, forecast beats on robust chip demand

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STOCKHOLM, Nov 10 (Businesshala) – German chipmaker Infineon (IFXGN.de) reported a 10% rise in fourth-quarter revenue on Wednesday, as a global shortage of semiconductors pushed up prices and demand for chips. Everything from cars to mobile phones.

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Infineon, which gets about 40% of sales from the automotive sector, also forecast first quarter revenue of 3 billion euros, higher than the 2.93 billion euro expected in a poll of 19 analysts by Vara Research.

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“We are investing significantly more to take advantage of growth opportunities,” Chief Executive Reinhard Ploss said in a statement.

“We are continuing to expand our manufacturing capabilities for silicon as well as the compound semiconductors silicon carbide and gallium nitride.”

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Last month, the Munich-based chip maker said it would invest about 2.4 billion euros ($2.8 billion) in 2022, up from about 1.6 billion this year.

According to Refinitiv’s IBES data, Infineon’s revenue rose to 3 billion euros ($3.47 billion) in the fourth quarter from 2.72 billion, ahead of expectations of 2.93 billion.

Rival chip maker STMicroelectronics also reported an uptick in its latest quarterly report.

Infineon also forecasts revenue of 12.2 billion to 13.2 billion euros in 2022, in line with expectations.

($1=0.8655 Euro)

Reporting by Supanth Mukherjee, European technology and telecommunications correspondent in Stockholm; Editing by Clarence Fernandez

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