Infineon results could mean worst is over

NEWS Infineon chip sales in the first quarter have reached targets fuelling speculation that the worst may be over for the chip industry. Despite making a loss before interest and tax of E564m (£349m) compared to a profit of E446m (£276m), the company believes the semiconductor sector has seen the worst of the downturn. According to the company's CEO, Dr Schumacher, increased demand for memory products has pushed up company revenues. The company also claimed it is witnessing the start of a recovery for the demand of chips for mobiles. Today the company announced that three out of the four Siemens' board members will resign following the reduction of Siemens stake in the company.