ST increases its Q3 revenues by 35%
STMicroelectronics reported third quarter net revenues of USD 4.32 billion, gross margin of 47.6%, operating margin of 29.4%, and net income of USD 1.10 billion.
Net revenues totaled USD 4.32 billion, a YoY increase of 35.2%. On a YoY basis, the company recorded higher net sales in all product groups and sub-groups. YoY net sales to OEMs and Distribution increased 34.1% and 37.4%, respectively.
Third quarter gross profit amounted to USD 2.05 billion, and increase of 54.7% from USD 1.33 billion during the same period last year.
“Q3 net revenues of USD 4.32 billion and gross margin of 47.6% came in above the mid-point of our business outlook range, driven by continued strong demand for our product portfolio,” says President & CEO, Jean-Marc Chery, in the report. “On a year-over-year basis, Q3 net revenues increased 35.2%, operating margin increased to 29.4% from 18.9%, and net income more than doubled to USD 1.10 billion.”
The company expects to record fourth quarter revenues of USD 4.40 billion, which would be an increase of 1.8% sequentially.