Due to sluggish demand, Infineon has adjusted its sales targets for the third time within a few months.

"The recovery in our target markets is progressing only slowly," said Jochen Hanebeck, CEO of the semiconductor manufacturer, on Monday. "In view of the persistently weak overall economic momentum, inventories are overshadowing final demand in many places."

For this reason, he only forecast sales of around 15 billion euros for the 2023/2024 financial year. He had previously targeted EUR 15.1 billion plus/minus EUR 400 million. He left the forecast for the segment result margin unchanged at 20%.

According to further information, revenue in the past quarter fell by nine percent year-on-year to 3.7 billion euros. The segment result margin fell from 26.1 percent to 19.8 percent.

(Report by Hakan Ersen. edited by Olaf Brenner. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)