STMicro third-quarter profits rise on strong automotive, imaging sales

PARIS (Reuters) – Franco-Italian chipmaker STMicroelectronics reported a jump in third-quarter sales and profits, driven by a strong performance of its automotive and imaging businesses.

Quarterly net revenue rose 11.2 percent from the second-quarter to $2.52 billion, slightly above the company’s midpoint target.

Operating income rose by 38 percent over the period to $398 million. Gross margin stood at 39.8 percent.

STMicro said it expected fourth-quarter revenues to grow by about 5.7 percent from the previous quarter, with a gross margin of 39.8 percent.