Infineon flags revenue decline for current quarter
FRANKFURT (Reuters) - German chip maker Infineon flagged on Tuesday a revenue drop at all of its units for the current fiscal quarter, citing seasonal decline, which is hitting demand for its power and security chips.
The company, whose chips among other functions activate airbags, enable cruise control and cut emissions, said it expected revenues of between 960 million euros and 1 billion in the fiscal first quarter, down from 1.053 billion euros in the fiscal fourth quarter.
Operating profit, excluding special items, for the three months to September rose 28 percent year-on-year to 148 million euros ($198 million), beating the average expectation of 139 million euros in a Reuters poll.
Revenue is seen rising by 7-11 percent to 4.11-4.27 billion euros in the 2013/14 fiscal year.
The average expectation in a Reuters poll is for revenue of 4.22 billion euros, with individual estimates ranging from 4.08-4.35 billion euros.
"The outlook for the current quarter is quite cautious as well as the full-year outlook," said Harald Schnitzer, an analyst at DZ Bank.
Infineon shares were indicated to open 2.5 percent lower.
(Reporting by Harro ten Wolde; Editing by Victoria Bryan and Elizabeth Piper)
