Market: Infineon again raises its outlook for 2022

STOCKHOLM (Reuters) – Infineon, the automotive industry’s leading chip supplier, raised its full-year outlook on Monday after quarterly revenue rose 22% amid shortages of semiconductors.

The German company raised its revenue forecast for 2022 to around 13.5 billion euros, with a range of plus or minus 500 million euros. It was previously counting on 13 billion euros.

Infineon also expects third-quarter revenue of 3.4 billion euros, beating analysts’ expectations of 3.26 billion euros, according to an IBES consensus from Refinitiv.

“Global uncertainties, in particular the war in Ukraine and the evolving coronavirus pandemic, are weighing on supply chains,” CEO Jochen Hanebeck said in a statement.

“Demand continues to significantly outstrip supply,” he added.

The group reported second-quarter revenue of 3.30 billion euros, while analysts had expected an average of 3.21 billion euros.

(Report Supantha Mukherjee; French version Valentine Baldassari, editing by Kate Entringer)

Copyright © 2022 Thomson Reuters

Source link -84