Tuesday, April 26, 2005
Infineon said it slipped into a net loss as it was weighed down by restructuring charges and continuing losses at its communications division. It issued a gloomy outlook for the third quarter.
The Munich-based company said net loss in its second quarter ending March 31 amounted to EUR114 million, or EUR0.15 a share, versus a net profit of EUR39 million, or EUR0.05 a share a year earlier.
"As there are no near-term catalysts for growth in demand, especially in the memory and mobile phone businesses, in the third quarter we will continue to focus on cost-cutting measures and on restructuring non-profitable businesses," said Infineon Chief Executive Wolfgang Ziebart in a statement.
Infineon said sales in the quarter were down 4% to EUR1.61 billion from EUR1.67 billion citing pricing pressure in several areas.
By: DocMemory
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