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Infineon raises forecast for 2022 due to high demand for chips

BERLIN/STOCKHOLM (Reuters) – Infineon reported third-quarter revenue growth on Wednesday and raised its full-year guidance as the major automotive chip supplier continues to capitalize on strong semiconductor demand amid shortages.

The group reported a quarterly turnover of 3.62 billion euros, while the Vara Research consensus expected it to be 3.42 billion euros.

Infineon raised its 2022 revenue forecast by 500 million euros for the third time and now says it expects around 14 billion euros.

In the fourth quarter, he predicts a turnover of 3.9 billion euros, higher than expected of 3.65 billion euros.

Rival STMicro also reported higher-than-expected quarterly revenue and raised its full-year revenue guidance.

Infineon has benefited from a global semiconductor shortage, but several chip makers have recently warned that demand is declining.

“Rising energy costs, commodity prices and interest rates, the ongoing pandemic and geopolitical uncertainty are all holding back economic growth,” Infineon chief executive Jochen Hanebeck said in a statement.

“In some consumer-facing end markets, demand has weakened recently,” he added.

The company also announced an operating profit of 690 million euros, which also beat expectations of 679 million euros.

(Reporting by Kirsty Knoll in Berlin and Supantha Mukherjee in Stockholm; French version by Diana Mandia, edited by Kate Entringer)

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