German chip manufacturer Infineon reported higher-than-expected revenue for its 2023 fiscal year on Wednesday (Nov 15) as demand for semiconductors, particularly in the electromobility and renewable energy sectors, remains unabated.

Revenue was 16.31 billion euros (S$23.9 billion), up15 per cent from the year before, slightly beating company-provided analyst expectations of 16.22 billion euros.

“Structural semiconductor growth in the areas of renewable energy, electromobility – especially in China – and microcontrollers for the automotive industry remains unabated,” said chief executive Jochen Hanebeck.

“In contrast, consumer, communication, computing and IoT applications are experiencing a temporary period of low demand.”

Infineon’s fiscal-year adjusted, or “segment”, result was in line with expectations at 4.4 billon euros, up 30 per cent on the year, with a margin of 27.0 per cent.

The dividend is also to rise to 0.35 euros per share from 0.32 euros.

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The company is forecasting slightly slower revenue growth for the 2024 fiscal year of 17 billion euros, plus or minus 500 million. REUTERS