BERLIN, Feb. 5 (Xinhua) -- German chipmaker Infineon announced on Wednesday that its revenue in the first quarter of the fiscal year 2020 (Q1) was down to 1.92 billion euros (2.12 billion U.S. dollars) from 2.16 billion euros in the previous quarter, a seven percent decrease.
Following the announcement, shares of Infineon shot up by around 10 percent in early trading on Wednesday and were at the top of Germany's 30 largest companies listed in the DAX.
"Our diversified business performed robustly at the beginning of the fiscal year," said Reinhard Ploss, chief executive officer (CEO) of Infineon. "Under difficult conditions, revenue fell in line with expectations."
At the same time, net income rose to 210 million euros from 161 million euros, according to Infineon. Margins were lower year-on-year at 15.5 percent but had developed "positively" and were above the forecasted 13 percent.
For the entire financial year 2020, the chipmaker is expecting to increase revenues by 5 percent year-on-year and would achieve a segment result margin of around 16 percent
"Demand for the latest generation of our silicon microphones is growing dynamically," said Infineon CEO. "We are also seeing signs of improvement in individual areas such as the server business."
The acquisition of U.S. company Cypress, a semiconductor manufacturer, was now expected at the end of the current quarter or the beginning of the next quarter, Infineon said.
