Infineon Technologies said sales would continue to grow in its new fiscal year, albeit at a slower pace than in fiscal 2023, as the company grapples with weakening demand for chips in personal electronics such as computers and smartphones.

The German chip maker is aiming for around 17 billion euros ($18.50 billion) in revenue for the year ending September 2024, up from EUR16.31 billion that Infineon reported for fiscal 2023. Its segment result margin—a key profitability metric—is expected at roughly 24%, below 27% reported for fiscal 2023.