German chip giant lowers 2024 forecast as electronics slowdown bites

Infineon, one of the biggest chip makers in Europe, has lowered its revenue outlook for the year, citing “weak” demand from its major target markets. The German company is now expecting a revenue of €15.1bn, plus or minus €400mn. That’s down from the previous forecast of €16bn, plus or minus €500mn. In the second quarter of 2024, Infineon saw a 2% drop in revenue compared to the previous quarter, generating €3.36bn. The decline stands, however, at 12% year-on-year. Revenue in the first quarter of 2024 also decreased by 11% compared to the last quarter of 2023. Jochen Hanebeck, Infineon’s CEO,…

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