Infineon cuts costs as revenue falls

Nov 14, 2012

Semiconductor maker Infineon Technologies AG says it will cut back on investment plans and introduce short-time working as global economic uncertainty weighs on demand and revenue.

Infineon on Wednesday reported drops in revenue for the July-September period, its fiscal , and for the full fiscal year. improved in the fourth quarter but was down sharply for the full year.

The company says it expects revenue in the new fiscal year to drop further. It says it will temporarily switch off underused equipment, cut back on temporary workers and make "selective use" of short-time work schemes, which allow employers to reduce production without cutting their workforce.

Planned investments for the new fiscal year will be cut from €500 million ($635 million) to €400 million.

Explore further: Nigeria launches national identity card scheme

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Infineon sees lower 2012 sales as crisis bites

Nov 16, 2011

German semi-conductors giant Infineon said Wednesday it expected sales in its current business year to decline by around five percent as customers increasingly hold back in the current economic gloom.

Semiconductor giant Infineon upgrades outlook

Nov 19, 2009

German semi-conductor maker Infineon on Thursday upgraded its turnover and profits forecast over the next 12 months because of higher demand from the auto industry and cost cuts.

Recommended for you

Nigeria launches national identity card scheme

7 hours ago

Nigeria's President Goodluck Jonathan on Thursday launched a national electronic identity card scheme, which backers said would boost access to financial and government services in Africa's most populous nation.

Vivendi, Telefonica in talks over Brazil business (Update)

18 hours ago

French media conglomerate Vivendi said Thursday it would begin exclusive talks with Spanish telecoms company Telefonica for the sale of its Brazilian operator Global Village Telecom, or GVT, after the Spanish company raised ...

User comments : 0