STMicroelectronics Q1 margin beats target, sees growth in Q2

[PARIS] Franco-Italian chipmaker STMicroelectronics reported first-quarter results in line with expectations on Wednesday, helped by a good performance from its automotive division.

The gross margin stood at 33.4 percent, better than the midpoint 33 per cent gross operating margin target set by the company earlier this year when fourth-quarter results were issued.

Net revenues dropped 3.3 per cent over the period to 1.613 billion euros (S$2.46 billion).

The Geneva-based group predicted that its net revenues would increase by about 5.5 per cent in the second-quarter, with a midpoint gross operating margin target of 34 per cent over the period.

REUTERS