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German chip manufacturer Infineon raises forecast after strong Q1

German chip manufacturer Infineon has raised its forecast after a strong start to the current financial year.

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Frankfurt (dpa) – German chip manufacturer Infineon has raised its forecast after a strong start to the current financial year.

Infineon reported that its first-quarter profit climbed to €457 million ($516 million) or €0.35 per share from €256 million or €0.19 per share in the same quarter last year.

Adjusted earnings per share for the quarter grew to €0.41 from €0.28 in the prior year.

Quarterly revenue was €3.16 billion, up 20% year-on-year.

Infineon expects revenue to be around €3.2 billion in the second quarter of the 2022 fiscal year.

Looking ahead for fiscal year 2022, the company now projects revenue to be €13 billion, plus or minus €500 million.

The company said in November that it had expected revenue of €12.7 billion, plus or minus €500 million.

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