STMicroelectronics 3Q Profit Rose; Issues 4Q Guidance
October 28 2021 - 1:55AM
Dow Jones News
By Giulia Petroni
STMicroelectronics NV said Thursday that profit and revenue rose
in the third quarter of the year and issued guidance for the fourth
quarter.
The European chip maker said that quarterly net profit came in
at $474 million from $242 million the year earlier.
Operating profit increased to $605 million. Its operating margin
was 18.9%, while gross margin was 41.6%.
Revenue in the quarter increased roughly 20% on year to $3.20
billion, driven by strong global demand and customer programs in
the personal-electronics business. This was partially offset by
lower revenues in automotive due to reduced operations at the
Malaysian manufacturing facility, the company said.
STMicroelectronics said its mid-point outlook for the fourth
quarter is for revenue of $3.40 billion, plus or minus 350 basis
points, and gross margin at about 43%, plus or minus 200 basis
points.
Looking at the full year, the company targets mid-point revenue
at about $12.6 billion, which would imply a 23.3% growth
year-on-year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 28, 2021 01:40 ET (05:40 GMT)
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