German semiconductor maker Infineon revised slightly upward its annual forecast on Wednesday after reporting higher third-quarter earnings and sales.

Net income rose to 143 million euros ($191 million), up 85.7 percent year-on-year, said the company, which runs its business year from October to September.

This was better than the 133 million euros expected for the April-June period by analysts polled by Dow Jones Newswires.

It was the fifth quarter running of year-on-year growth for the company founded in 1999 when the semiconductor division of engineering giant Siemens was spun off.

Revenue for the Infineon Group grew by six percent from the second quarter to 1.11 billion euros.

"Infineon expects further growth in the fourth quarter of the 2014 fiscal year with an increase in revenue between three and seven percent compared to the previous quarter," said the company based in Neubiberg near Munich.

"Our forecast has proved to be correct: revenue, earnings and margin all improved again in the third quarter, with all four segments making a positive contribution," said Infineon Technologies CEO Reinhard Ploss.

"This is now our fifth consecutive quarter of year-on-year growth. Our strategy is proving successful and our investments are paying off."