STMicroelectronics 2Q Earnings, Revenue Rose on Automotive Boost

   By Ed Frankl 
 

STMicroelectronics NV on Thursday reported a rise in second-quarter revenue and profit, driven by its automotive businesses.

The chip maker said net profit in the three months to the end of June was $1.00 billion compared with $867 million in the same period of 2022.

Revenue rose 13% to $4.33 billion, above the midpoint of its second-quarter expectations, helped by growth in automotive business, where revenue jumped 34%. Revenue at its microcontrollers segment also rose, though growth was partially offset by lower revenues in personal electronics, STMicroelectronics said.

The company's second-quarter gross profit climbed 16.5% to $2.12 billion, while both its gross margin--at 49.0%--and operating margin--at 26.5%--improved on year.

For the third quarter, STMicroelectronics expects revenue of around $4.38 billion and a gross margin of 47.5%. In the full year, it plans revenue of $7.4 billion, plus or minus $150 million, and a gross margin above 48%.

Write to Ed Frankl at edward.frankl@wsj.com

(END) Dow Jones Newswires

July 27, 2023 01:41 ET (05:41 GMT)

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