FRANKFURT, Oct 10 (Reuters) - German chipmaker Infineon Technologies stood by its earnings forecasts as semiconductor stocks tumbled on Wednesday, after Swiss vacuum valve maker VAT Group said it was cutting working hours at one factory due to weak demand.
“We do not see any reason to question the outlook we gave at our capital markets day in June in London, and in our quarterly reporting in August,” an Infineon spokesman said in response to a Reuters inquiry.
Infineon expects revenues to grow by 10 percent in the 2019 fiscal year that started Oct. 1, while sales are seen having grown by 6.4-7.4 percent in the year that just ended.
Shares in Munich-based Infineon were down nearly 6 percent in afternoon trading, underperforming European tech stocks that were 3.5 percent weaker overall.
Reporting by Douglas Busvine; editing by Thomas Seythal