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Weak sales hurt Infineon third-quarter performance

FRANKFURT--German chip-maker Infineon said Tuesday that both sales and profits came in below expectations in the third quarter of this year as business is being hit by the current crisis.

Infineon, which runs its business year from October to September, complained that “growth and margin are currently below plan, reflecting global uncertainties.”

Bottom-line net profit amounted to 82 million euros (US$100 million) in the period from April to June, a drop of 26 percent from the preceding three months and a drop of 57 percent year-on-year, it said in a statement.

Third-quarter revenues stood at 990 million euros, unchanged from the preceding quarter and a decline of 5 percent from the same period a year earlier.

On the basis of its third-quarter performance, Infineon said it was projecting a decline of around 3 percent in full-year revenues.

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