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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