German based computer chip manufacturer Infineon Technologies AG (ETR: IFX) has raised its 2022 revenue outlook after posting a 22% revenue increase in the second quarter which it attributed to the increased demand of chips courtesy of the coronavirus pandemic.
The company raised its 2022 revenue guidance by 500 million euros ($525.20 million) to around 13.5 billion euros inclusive of a range of plus or minus 500 million euros. This is the second time the company is raising its 2022 revenue outlook.
“Global uncertainties, in particular the war in Ukraine and the further course of the coronavirus pandemic, are placing stress on supply chains. Demand for our products and solutions continues to exceed supply significantly,” said the company’s CEO, Jochen Hanebeck.
In the second quarter, the company reported revenue of 3.30 billion euros which was on the higher side compared to the 3.21 billion euros analysts were expecting for the company.
Citing IBES data from Refinitiv, the company is also expecting third quarter revenue of 3.4 billion euros which is much higher than the 3.26 billion euros estimated by analysts.