By Mauro Orru and Cristina Roca 
 

Shares in STMicroelectronics NV rose after the company said a dynamic market helped it perform better than expected in the fourth quarter, taking its top line above the high end of its guidance.

At GMT 0822, shares in the European chip maker traded 3.9% higher at EUR44.5.

According to preliminary figures, revenue jumped to $3.56 billion from $3.24 billion for the fourth quarter of 2020.

The company had targeted revenue of $3.40 billion, plus or minus 350 basis points. The result means revenue is now 140 basis points above the high end of the guided range.

"Strong revenue growth of 11% quarter-on-quarter, above the top end of the previously guided range, is indicative of strong near-term demand, but perhaps more importantly, ST's ability to produce and procure in the face of current supply bottlenecks," Citi analysts said in a note.

STMicroelectronics will release fourth-quarter and 2021 results on Jan. 27.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94 and Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

January 07, 2022 03:56 ET (08:56 GMT)

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