Infineon reports better-than-expected 2023 revenue on semiconductor demand

BERLIN: German chip manufacturer reported higher-than-expected revenue for its 2023 fiscal year on Wednesday as demand for semiconductors, particularly in the electromobility and renewable energy sectors, remains unabated.

Revenue was 16.31 billion euros ($17.72 billion), up 15% from the year before, slightly beating company-provided analyst expectations of 16.22 billion euros.

“Structural semiconductor growth in the areas of renewable energy, electromobility – especially in China – and microcontrollers for the automotive industry remains unabated,” said Chief Executive Jochen Hanebeck.