STMicroelectronics lifts fourth quarter sales

LONDON, Jan 26 (Reuters) – European chipmaker STMicroelectronics on Thursday reported fourth-quarter sales ahead of market expectations, despite challenging economic conditions, benefiting from strong customer demand.

The firm’s net revenue rose to $4.42 billon compared to $4.32 billion the previous quarter. Analysts had on average expected sales of $4.32 billion, according to IBES data from Refinitiv.

STMicro, whose biggest clients include iPhone maker Apple and electric carmaker Tesla (TSLA.O), hit its own revenue target for the year, reaching $16.1 billion.

The firm made 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 (TXN.O) forecast first quarter revenue and profit below Wall Street targets on Wednesday.

ST Micro said on Thursday, due to strong demand and increased manufacturing capacity, it expects full year revenues to be in the range of $16.8 billion to $17.8 billion. The company has previously targeted full-year revenues of $20 billion by 2027.

Reporting by Martin Coulter; Editing by Matt Scuffham

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source: reuters.com