STMicroelectronics Raises 2020 Outlook After Better-Than-Expected 3Q Revenue
October 01 2020 - 2:07AM
Dow Jones News
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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