Infineon forecasts strong sales rebound after coronavirus slump
By Douglas Busvine
BERLIN (Reuters) – German chipmaker Infineon forecast double-digit earnings progress for the yr ahead, sending its shares elevated similtaneously administration proposed to trim the dividend to account for the blow inflicted by the coronavirus pandemic.
The Munich-based vitality chip specialist ditched its financial steering in March as a result of the coronavirus hit – merely sooner than its $10 billion acquisition of U.S. Cypress Technologies closed – nonetheless has since been lifted by an auto enterprise restoration.
“The sequential enhance in earnings might be very important and confirms that the June quarter had marked the low degree,” CEO Reinhard Ploss talked about of the automotive part that accounts for two-fifths of Infineon’s earnings.
Taking into account the have an effect on of the pandemic and ongoing risks as nations battle a second wave of infections, administration proposed a 5-cent …