FILE PHOTO: The logo of semiconductor manufacturer Infineon is seen at its Austrian headquarters in Villach, Austria, June 3, 2018. REUTERS/Lisi Niesner/File Photo
(Reuters) - Shares in Infineon rose 11% after the German chipmaker slightly upgraded its full-year revenue outlook and reported quarterly results and guidance above expectations.
The outlook differs from other makers of microchips for cars and for industrial use that have missed expectations, in some cases by a wide margin, Juergen Wagner, an analyst from Stifel said.
Shares in Infineon were up 11% at 0815 GMT, on track for their best day since May. The stock topped German blue-chip index
"Infineon's report likely eased concerns about continued deterioration in automotive demand as it guided for flat-to-slightly up Automotive revenue in FY25," Charter Equity Research analyst Jack Egan said.
"The Power & Sensor segment is also expected to be up significantly in FY25, most likely due to Infineon's (artificial intelligence) server products," the analyst added.
"Following the expected inventory reduction, we continue to anticipate that the recovery in demand will be gradual for the current fiscal year," CEO Jochen Hanebeck said in a statement, referring to the group's 12-month accounting period until end-September.
The company also said it expects fiscal second-quarter revenue of 3.6 billion euros ($3.7 billion), beating a company-provided analyst forecast of 3.42 billion.
($1 = 0.9696 euros)
(Reporting by Amir Orusov and Anastasiia Kozlova; Editing by Ludwig Burger)
