STMicroelectronics posts higher results, provides revenue guidance

By Giulia Petroni

STMicroelectronics NV on Thursday reported higher earnings for the first quarter of the year and released revenue guidance for the second quarter and full year.

The European chip maker (STMPA.FR) said quarterly net profit was $1.04 billion compared with $747 million a year earlier.

Net revenue increased to $4.25 billion from $3.55 billion the year prior, with a better than expected performance in automotive and industrial partially offset by lower results in personal electronics, the company said.

Gross profit was $2.11 billion in the quarter from $1.66 billion, with a gross margin of 49.7% supported by product mix and a favorable price environment. Operating income rose to $1.20 billion from $877 million with an operating margin of 28.3%.

STMicroelectronics foresees net revenue of $4.28 billion at mid-point, plus or minus 350 basis points, for the second quarter closing on July 1. Gross margin is expected at around 49% in the quarter, plus or minus 200 basis points.

For the full year, the company plans to achieve revenue in the range of $17 billion-$17.8 billion, it said.

Write to Giulia Petroni at giulia.petroni@wsj.com

-Giulia Petroni

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04-27-23 0141ET

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