Strong Demand for Automotive Semiconductors Infineon's FY2023 Revenue Increases 15% Y/Y to $17.7 Billion
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Update time : 2023-11-23 10:38:16
German chipmaker Infineon reported higher-than-expected fiscal year 2023 revenue on Nov. 15, as demand for semiconductors, particularly in the electric vehicle and renewable energy sectors, continues unabated.
According to the financial information, Infineon's fiscal year 2023 revenue was 16.31 billion euros (17.72 billion U.S. dollars), an increase of 15% over the previous year, slightly higher than the company provided analysts expected 16.22 billion euros.
Infineon's fourth-quarter (ending September 2023) revenue increased to €4.15 billion from €4.14 billion in the same period last year, higher than the €4.0 billion estimated in the fiscal forecast and the €4.04 billion expected in the FactSet survey, with the Automotive Electronics Business Unit (ATV) contributing €2.16 billion, an increase of 12% from the same period last year.
Looking ahead to the fiscal year 2024, Infineon expects revenue growth to slow down, will reach 17 billion euros, up and down 500 million euros, equivalent to an annual increase of 4%, less than the 2023 fiscal year revenue growth of 15%; adjusted gross margin (adjusted gross margin) of about 45%. Infineon said it expects revenue growth to slow in 2024, mainly due to weak demand from personal computer (PC) and smartphone customers.
Jochen Hanebeck, CEO of Infineon, said: "The growth of structured semiconductors in the areas of renewable energies, electric vehicles (especially in China) and microcontrollers for the automotive industry continues unabated. In contrast, consumer, communication, computing and IoT applications are experiencing a temporary period of low demand."
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