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Share Name | Share Symbol | Market | Type |
---|---|---|---|
STMicroelectronics NV | NYSE:STM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.795 | 2.03% | 39.975 | 40.48 | 39.80 | 40.30 | 1,725,672 | 20:42:51 |
By Mauro Orru
STMicroelectronics NV raised its sales forecast for the year after posting higher net profit and better-than-expected revenue for the second quarter, a sign that demand for chips remains strong after a banner two years for the sector.
The European chip maker said Thursday that net profit surged to $867 million from $412 million in the second quarter of last year.
Net revenue climbed to $3.84 billion from $2.99 billion.
Gross profit increased to $1.82 billion from $1.21 billion with a gross margin of 47.4%, while operating income rose to $1 billion from $489 million with an operating margin of 26.2%.
STMicroelectronics had expected second-quarter net revenue of $3.75 billion at the midpoint, and a gross margin of roughly 46%.
"Net revenues and gross margin came in above the mid-point of our business outlook range driven by continued strong demand for our product portfolio," said Chief Executive Jean-Marc Chery.
For the third quarter, the company targets net revenue of $4.24 billion at the midpoint, and a gross margin of about 47%.
For the year, STMicroelectronics now expects revenue of $15.9 billion to $16.2 billion, up from a previous forecast of $14.8 billion to $15.3 billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 28, 2022 01:35 ET (05:35 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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