STMicroelectronics’ beats on results and guidance boost shares
April 23 : STMicroelectronics reported first-quarter results above market expectations on Thursday, pointing to signs of recovery in its key semiconductor markets, and forecast further growth in the second quarter. The Franco-Italian chipmaker’s shares rose by up to 10 per cent in early trading, before easing to 8.5 per cent by 0800 GMT. “In Q1, despite the macroeconomic uncertainty, we saw improving demand with strong booking and normalized inventory in distribution,” CEO Jean-Marc Chery said in a statement. STMicro is one of Europe’s largest chipmakers and a bellwether for the automotive and industrial semiconductors sector, where customers have spent recent years digesting excess, post-pandemic inventory and cutting new orders. It reported revenue of $3.10 billion for the first three months of the year, versus the $3.04 billion expected by analysts polled by LSEG. Operating income was $171 million, above market expectations of $165.8 million. “The upside to revenues seems to have come from continued strength at Apple, datacenters, LEO-related systems and the acquisition of NXP’s MEMS sensor business,” Jefferies said in a note to investors. …








