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Infineon Q3 sales slump 30%

It's the puff-ball skirt of the chip market

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Infineon expects to report a pre-tax loss as high as $512 million (600 million euros) for its Q3.

Chip price crashes, excess inventories, and slow mobile-phone sales have caused its sales to fall by 30 per cent in the quarter ending 30 June.

Infineon will slash capital expenditure by one billion euros ($850 million) in its next financial year. It is also freezing recruitment and not replacing any staff when they leave.

Chief Executive Ulrich Schumacher said he expects the company will make a loss in Q4 as well. ®

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