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Infineon falls after Q1 warning
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Old 15th January 2005, 18:53   #1
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Default Infineon falls after Q1 warning

LONDON (CBS.MW) -- Infineon shares fell Thursday after a warning from the German memory chip maker overnight.

Infineon (IFX) (623101) late Wednesday said it saw first-quarter revenue of 1.82 billion euros ($2.4 billion), with earnings of 211 million euros, results that the company said would be below analyst expectations. In a blow for new chief executive Wolfgang Ziebart, the company said all its segments were negatively impacted by the weakened U.S. dollar. See story.

Analysts were expecting Infineon to report revenue of 1.85 billion euros, according to Thomson First Call.

U.S.-listed shares fell 1.6 percent, or 16 cents, in New York to close at $9.86. The Philadelphia Semiconductor Index ($SOX) lost 1.4 percent.

Infineon shares had been falling since Tuesday, when the company announced the termination of the $206 million sale of its fiber-optics unit to Finisar (FNSR) and the sector was hit by a margins warning from STMicroelectronics (STM) (012970) and a disappointing sales update from U.S. PC chip company Advanced Micro Devices Inc. (AMD). See full story.

Analyst Matthew Gehl at Goldman Sachs said Thursday that Infineon's shortfall seemed most pronounced in its DRAM (dynamic random access memory) division because of increased inventory.

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Weak US$ always affects the exporting countries - Econ 101.
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