Infineon posts another large loss

Infineon lost 2.9bn euros in the year to the end of September

German chipmaker Infineon Technologies has posted its seventh straight quarterly net loss because of falling chip prices and weakening demand.

The firm reported a net loss of 763m euros ($970m, £652m) in the quarter to the end of September, more than analysts had expected.

Infineon has been hit hard by falling demand from troubled carmakers, its key customer group.

The company's shares have fallen almost 80% this year.

Shares in Infineon closed down 39.6% at 1 euro on the Dax stock exchange in Frankfurt.

Job cuts

Infineon said it expected revenues from continuing operations to decline by 30% in its next financial quarter.

The firm's net loss for the whole of the 2008 financial year reached 2.9bn euros, compared with a 347m euros loss in the previous year.

In July, Infineon unveiled plans to cut 3,000 jobs, or about 10% of its total workforce, as the firm looks to cut costs.

Infineon is trying to sell its memory-chip unit Qimonda, which has been a drag on its business.

The company has a 77.5% stake in Qimonda.