Infineon forecasts strong sales rebound after coronavirus slump

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By Douglas Busvine
BERLIN (Reuters) – German chipmaker Infineon forecast double-digit revenue growth for the year ahead, sending its shares higher even as management proposed to trim the dividend to account for the blow inflicted by the coronavirus pandemic.
The Munich-based power chip specialist ditched its financial guidance in March as the coronavirus hit – just before its $10 billion acquisition of U.S. Cypress Technologies closed – but has since been lifted by an auto industry recovery.
“The sequential increase in revenue is very significant and confirms that the June quarter had marked the low point,” CEO Reinhard Ploss said of the automotive segment that accounts for two-fifths of Infineon’s revenue.
Taking into account the impact of the pandemic and ongoing risks as countries battle a second wave of infections, management proposed a 5-cent …

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