FRANKFURT, May 3 (Reuters) - German chipmaker Infineon , the leading supplier of power controls to auto and industrial markets, nudged up its revenue guidance for the 2017/18 financial year after second-quarter earnings topped expectations.
Munich-based Infineon said it expected revenues in the year to Sept. 30 to grow by 4-7 percent, lifting the lower end of the range by a percentage point from earlier guidance, and assuming an exchange rate of $1.25 to the euro.
The results came amid a revival in sentiment towards semiconductor stocks following Apple’s strong quarterly showing and a rally in the dollar to $1.20 that would benefit Infineon.
Quarterly revenues were 1.836 billion euros, up 4 percent year on year and 3 percent quarter on quarter. That was just shy of the company’s guidance and the average expectation of 1.856 billion euros in a Reuters poll of 11 analysts. (Reporting by Douglas Busvine Editing by Victoria Bryan)