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Profit fell in its first quarter for German semiconductor manufacturer Infineon Technologies AG compared to the same period of the previous year.
Infineon reported on Tuesday that its first-quarter profit fell 19 percent to €587 million ($631 million) from last year’s €728 million.
Earnings per share dropped 18 percent to €0.44 from €0.55 a year ago.
Adjusted earnings per share stood at €0.53, compared to €0.64 last year.
Group revenue declined 6 percent to €3.7 billion from last year’s €3.95 billion.
The segment result margin was 22.4 percent, down from 28 percent a year ago.
Looking ahead to the second quarter, Infineon expects to generate revenue of around €3.6 billion, and segment result margin of about 18 percent.
Further, for fiscal 2024, the company trimmed its forecast noting that the market environment outside automotive remains weak.
Revenue is now expected to be around €16 billion plus or minus €500 million, down from the previously expected €17 billion.
Compared with fiscal 2023, the expected revenue at the midpoint of the guidance of €16 billion corresponds to a decline of about 2 percent.
Segment result margin would be in the low to mid-twenties percentage range at the mid-point of the guided revenue range.
Adjusted gross margin should be in the low to mid-forties percentage range.
