Infineon: quarterly profit beats consensus; shares rise

(CercleFinance.com) - Germany's Infineon posted better-than-expected second-quarter profit, with demand for its semiconductors increasing, which has sent its shares up over 1%.


The Munich-based company said it is seeing growing demand for driver assistance systems, data centers and artificial intelligence chips.

Despite headwinds from the falling US dollar and rising material prices, Infineon posted second-quarter revenue of 1.8 billion euros, up 4% year-on-year.

Net income rose to 457 million euros, up sharply from 199 million euros a year ago.

Infineon increased its annual guidance slightly, raising its annual sales growth forecast from 5% to 5.5%.

Infineon shares were up 1.4% at 22.5 euros in early trading but today, although are still down 1.5% since the start of 2018.

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