Infineon Shares Plunge 40 Percent on Grim Outlook

Infineon (IFX) shares are down sharply this morning after the company provided an extremely grim outlook for the fiscal first quarter ending December and for all of fiscal 2009.

In the third quarter, the German chipmaker posted revenue of 1.15 billion euros, up 12 percent sequentially and two percent year over year. The company posted a loss before interest and taxes of 220 million, due in part to charges of 253 million euros for cost-reduction measures. The net loss from continuing operations was 244 million euros, or 0.33 euros per share.

Read the rest of this post