© infineon Business | August 05, 2020
Infineon swings to loss as the pandemic continues impact target markets
“Infineon has so far coped well with the challenging situation caused by the coronavirus pandemic. As a company, we reacted quickly to the new situation and established a framework that has enabled us to stabilize our business,” says CEO Dr. Reinhard Ploss.
Revenue for the third quarter increased from EUR 1,986 million to EUR 2,174 million QoQ. The acquisition of Cypress Semiconductor was successfully completed on 16 April 2020 and Cypress has therefore been fully consolidated within Infineon. The gross margin for the third quarter came in at 27.0%, compared to 34.5% in the previous quarter. In the third quarter, Infineon recorded an operating loss of EUR 93 million, compared to an operating income of EUR 226 million in the preceding quarter. Net income from continuing operations deteriorated from an income of EUR 178 million in the second quarter to a loss of EUR 128 million in the third quarter. “The pandemic continues to have a significant impact on our target markets, resulting in weaker demand in many product areas. Thankfully, we are seeing concrete signs of recovery within the automotive sector, which has been particularly hard hit. Infineon is also benefitting from increased digitization through the growing volume of data traffic, the Internet of Things and mobile communication,” says Dr. Reinhard Ploss, CEO of Infineon. “Our outlook for the final quarter of the fiscal year is cautiously optimistic. That said, our business performance is highly dependent on how the coronavirus pandemic continues to unfold worldwide, on the impact of the economic stimulus packages that have been implemented, and on a variety of geopolitical factors.”
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