Infineon cuts jobs and revenue guidance after Q3 miss

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

BERLIN (Reuters) -Infineon will cut 1,400 jobs and relocate 1,400 more, its CEO said on Monday, after third-quarter revenue missed expectations, prompting the German chipmaker to downgrade its full-year forecast for the third time in just a few months.

The firm, which has around 58,600 staff worldwide according to its website, narrowed its annual revenue guidance to around 15 billion euros ($16 billion), having already twice lowered it, most recently to 15.1 billion euros, plus or minus 400 million.