January 30, 2014 / 6:46 AM / in 4 years

Infineon posts consensus-beating Q1, keeps outlook

FRANKFURT, Jan 30 (Reuters) - German chipmaker Infineon reported on Thursday a bigger-than-expected rise in quarterly core operating profit thanks to increased demand from its industrial customers.

Operating profit for its fiscal first quarter, excluding special items, was 116 million euros ($158.28 million), beating average analysts’ expectations of 96 million in a Reuters poll.

The Neubiberg, southern Germany-based company said it still expected revenue to rise by 7-11 percent to 4.11-4.27 billion euros in its current year ending Sept. 30.

Infineon is riding the recovery wave in the global chip sector, which is expected to grow almost 3 percent this year to $329 billion and $366 billion in 2017, research firm IDC estimates.

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