STMicroelectronics Raises 2020 Outlook After Better-Than-Expected 3Q Revenue

By Joshua Kirby

STMicroelectronics NV raised its revenue outlook for the year after third-quarter revenue came in above previous guidance thanks to better-than-expected market conditions in some of its segments, such as automotive products.

The European chip maker said Thursday that it now expects 2020 revenue to be above $9.65 billion, which was the upper range of its previous guidance.

The improved expectations come after preliminary figures showed that revenue for the quarter ended Sept. 26 was $2.67 billion, higher than the $2.45 billion expected.

Chief Executive Jean-Marc Chery said sharp acceleration in demand for automotive products and microcontrollers contributed to the better-than-expected performance.

STMicroelectronics will release third-quarter earnings and fourth-quarter guidance on Oct. 22, it said.

Write to Joshua Kirby at joshua.kirby@dowjones.com

(END) Dow Jones Newswires

October 01, 2020 01:52 ET (05:52 GMT)

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