Infineon's Guidance Cut Looks Reasonable -- Market Talk

Dow Jones05-07

0829 GMT - German chip maker Infineon Technologies' decision to slash its sales and margin guidance for fiscal 2024 looks prudent and reasonable as it faces slowing demand in the automotive industry, Citi analysts write in a research note. Infineon now expects revenue of around EUR15.1 billion for the year through the end of September compared with about EUR16 billion previously, with revenue growth in the low to mid-single-digit percentage range in its automotive business. The analysts say the cut is roughly in line with investors' expectations based on conversations they had. Infineon shares trade 8.8% higher at EUR35.04. (mauro.orru@wsj.com)

(END) Dow Jones Newswires

May 07, 2024 04:29 ET (08:29 GMT)

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