Infineon launches savings programme as weak demand persists

Infineon headquarter is pictured before the annual results news conference in Munich, Germany, November 15, 2023. REUTERS/Michaela Rehle/File Photo

BERLIN (Reuters) -German chip manufacturer Infineon announced a cost savings programme on Tuesday as it again lowered its full-year revenue outlook, blaming ongoing industry-wide weak demand.

The company lowered its revenue guidance to 15.1 billion euros ($16.3 billion), plus or minus 400 million euros, for the year, down from its previous guidance of 16 billion euros, plus or minus 500 million euros.