Frankfurt, July 25 – Chipmaker Infineon said it would cut staff by 10 per cent amid continuing tough market conditions even as it beat market expectations with a 97 per cent rise in third-quarter core operating profit.

The German group, Europe’s biggest automotive chip supplier, said it aimed to save at least €200m a year, in part by cutting 3,000 jobs. It expects to record significant charges in the fourth quarter due to cost-cutting.