(MENAFN) Germany’s chipmaker Infineon proceeds rose by 36 percent annually and hit about 2.7 billion euros (USD3.2 billion) in the second quarter (Q2) of the firm’s financial year 2021.
Infineon said that the expansion in proceeds was "driven by brisk demand," mainly in the automotive sector. Net profit climbed by 14 percent annually, reaching about USD243 million between January and March.
Reinhard Ploss, chief executive officer (CEO) of Infineon noted: "the semiconductor market is booming; electronics that help accelerate the energy transition and make work and home life easier remain in high demand. The push for digitalization continues unabated."
The robust expansion year-on-year was also due to the acquisition of U.S. competitor Cypress for about nine billion euros last spring, which transformed Infineon into a "global top 10 semiconductor company."
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