Infineon to Cut 1,400 Jobs and Relocate 1,400 More Amid Market Struggles

The German chipmaker reports a significant drop in profits and downgrades its 2024 revenue outlook.

Infineon will cut 1,400 jobs and relocate another 1,400 to lower-cost countries as part of a restructuring plan.
The company reported a 52% drop in net profit for the third quarter, down to €403 million from €831 million a year earlier.
Revenue for the quarter fell to €3.7 billion, down 9% year-on-year, leading to a downgraded revenue outlook for 2024.
The restructuring aims to strengthen competitiveness, with full financial benefits expected by 2027.
Infineon's automotive division remains stable, while other divisions face significant revenue declines.