November 17, 2023 /SemiMedia/ -- Infineon announced on November 15 that its revenue for fiscal year 2023 was higher than expected as demand for semiconductors in electric vehicles and renewable energy continues to rise.

According to Infineon, its revenue in fiscal 2023 was 16.31 billion euros, an increase of 15% over the previous year and slightly higher than the expected 16.22 billion euros.

Infineon's fourth quarter (as of September 2023) revenue increased to 4.15 billion euros from 4.14 billion euros in the same period last year, of which the automotive electronics division (ATV) revenue was 2.16 billion euros, an increase of 12% over the same period last year.

Looking forward to fiscal year 2024, Infineon expects revenue growth to slow down and reach 17 billion euros, plus or minus 500 million euros, equivalent to an annual increase of 4%, and a gross profit margin of about 45%.

Infineon said it expects revenue growth to slow down in 2024, mainly because customer demand for personal computers (PCs) and smartphones remains weak.

“Structural semiconductor growth continues unabated in renewable energy, electric vehicles (especially in China) and microcontrollers for the automotive industry. In contrast, consumer, communications, computing and IoT applications are experiencing temporary periods of lower demand ," said Infineon CEO Jochen Hanebeck.