Infineon Cuts Revenue Forecast Amid Sluggish Demand

The German chipmaker revises its financial outlook downward, launching a comprehensive cost-saving initiative to combat weak market conditions.

Infineon reduces its revenue projection for 2024 to €15.1 billion, a decrease from the previously expected €16 billion.
Weak demand in the automotive and consumer electronics sectors drives the revised forecast.
The company announces a 'Step Up' program aiming for significant structural improvements across manufacturing and portfolio management.
Shares fluctuate as the market reacts to the new financial forecasts and strategic adjustments.
Infineon's adjustments reflect broader challenges in the global semiconductor industry, with similar downturns reported by other major chipmakers.