Infineon, a leading microprocessor supplier to the automotive industry, on Wednesday reported a rise in third-quarter revenue and upgraded its full-year outlook as it continues to benefit from a global semiconductor shortage.
The German company’s revenue, based in Munich, rose to 3.62 billion euros in the third quarter, exceeding the 3.42 billion euros expected by analysts.
Infineon raised its 2022 revenue estimates for the third time by €500m to around €14bn, forecasting Q4 revenue to come in at €3.9bn, higher than estimates for 3, 65 billion euros.
Rival STMicro also reported better-than-estimated quarterly revenue and upgraded its 2022 revenue guidance.
“Increases in energy costs, commodity prices and interest rates, the ongoing pandemic and geopolitical uncertainties are hindering economic growth,” the CEO said.
The company had also announced operating profit of 690 million euros, against expectations for 679 million euros.
Source: Capital
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