Infineon raises Q2 revenue outlook on ‘resilient business dynamics’

Infineon Technologies is updating its expectations for Q2 as well as for fiscal 2023 fiscal year. "This is primarily based on resilient business dynamics in its core automotive and industrial segments," the company said in a statement. In Q2, Infineon now expects revenue to come in above EUR 4B, compared to its original anticipation of around EUR 3.9B. "With the increase in revenues, positive price and mix effects and energy costs developing better than anticipated, the Segment Result Margin is now expected to reach a high-twenties percentage (compared to the originally projected level of around 25 percent)," the company said. Based on an assumed exchange rate of $1.05 to the euro for the second half of the fiscal year, and taking the expected results for the first half into account, Infineon now forecasts revenue for 2023 to amount to "meaningfully above" the previously expected level of around EUR 15.5B, plus or minus EUR 500M, with a corresponding positive impact on the Segment Result Margin for the full fiscal year.