STMicroelectronics 3Q Profit, Revenue Jumped on Strong Chip Demand
October 27 2022 - 1:48AM
Dow Jones News
By Mauro Orru
STMicroelectronics NV on Thursday posted a surge in profit and
revenue for the third quarter as demand for its portfolio of chips
remained strong.
The European chip maker said net profit surged to $1.10 billion
from $474 million in the third quarter last year.
Net revenue climbed to $4.32 billion from $3.20 billion.
Gross profit increased to $2.06 billion from $1.33 billion, with
a gross margin of 47.6%, while operating income rose to $1.27
billion from $605 million with an operating margin of 29.4%.
STMicroelectronics had expected third-quarter net revenue of
$4.24 billion at the midpoint, and a gross margin of about 47%.
For the fourth quarter, the company targets net revenue of $4.40
billion at the midpoint, and a gross margin of 47.3%.
"The midpoint of this outlook translates into full year 2022 net
revenues of about $16.10 billion, representing a 26.2%
year-over-year growth and gross margin of about 47.3%, in line with
the plan we outlined in July," STMicroelectronics Chief Executive
Jean-Marc Chery said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
October 27, 2022 01:33 ET (05:33 GMT)
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