STMicroelectronics lifts fourth quarter sales
The firm’s net income rose to $4.42 billion compared to $4.32 billion in the previous quarter. Analysts had on average expected sales of $4.32 billion, according to IBES data from Refinitiv.
STMicro, whose biggest customers include iPhone maker Apple and electric car maker Tesla, hit its own revenue target for the year, hitting $16.1 billion.
The firm posted fourth-quarter diluted earnings per share of $1.32, beating analysts’ average estimate of $1.09, according to IBES data from Refinitiv.
Rival Texas Instruments forecast first-quarter revenue and profit below Wall Street’s targets on Wednesday.
ST Micro said on Thursday, due to strong demand and increased manufacturing capacity, it expects full-year revenue to be in the range of $16.8 billion to $17.8 billion. The company previously targeted $20 billion in full-year revenue by 2027.
(Reporting by Martin Coulter; Editing by Matt Scuffham)
By Martin Coulter