STMicroelectronics Raises Yearly Guidance After 2Q Net Profit, Revenue Surged
28 Juli 2022 - 7:50AM
Dow Jones News
By Mauro Orru
STMicroelectronics NV raised its sales forecast for the year
after posting higher net profit and better-than-expected revenue
for the second quarter, a sign that demand for chips remains strong
after a banner two years for the sector.
The European chip maker said Thursday that net profit surged to
$867 million from $412 million in the second quarter of last
year.
Net revenue climbed to $3.84 billion from $2.99 billion.
Gross profit increased to $1.82 billion from $1.21 billion with
a gross margin of 47.4%, while operating income rose to $1 billion
from $489 million with an operating margin of 26.2%.
STMicroelectronics had expected second-quarter net revenue of
$3.75 billion at the midpoint, and a gross margin of roughly
46%.
"Net revenues and gross margin came in above the mid-point of
our business outlook range driven by continued strong demand for
our product portfolio," said Chief Executive Jean-Marc Chery.
For the third quarter, the company targets net revenue of $4.24
billion at the midpoint, and a gross margin of about 47%.
For the year, STMicroelectronics now expects revenue of $15.9
billion to $16.2 billion, up from a previous forecast of $14.8
billion to $15.3 billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 28, 2022 01:35 ET (05:35 GMT)
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