Asia Tech Wire (Aug 5) -- German automotive chipmaker Infineon has announced 1,400 job cuts worldwide.

Infineon said Monday that it will lay off 1,400 workers worldwide and relocate another 1,400 positions to countries with lower labor costs, as part of a previously announced cost-saving plan.

The layoffs include the earlier announced elimination of hundreds of positions at the company's plant in the southern German city of Regensburg.

According to its financial results for the third quarter of fiscal 2024, Infineon achieved revenues of €3.702 billion, a decrease of 9% year-on-year, while profits amounted to €734 million, a decrease of 31% year-on-year.