Infineon Cuts Jobs, Guidance as Chip Inventory Glut Weighs on Market Recovery.

Infineon Technologies, a German chip maker, has announced that it will cut approximately 1,400 jobs and lower its sales forecasts for the third time this year. The company attributes these actions to the ongoing inventory glut in the semiconductor industry, which has resulted in fewer orders for chips in smartphones, cars, and industrial machinery. Infineon now expects sales of around €15 billion in the fiscal year, compared to the previous forecast of €15.1 billion. The company will also redeploy 1,400 jobs to countries with lower labor costs in an effort to improve profitability. [Extracted from the article]