Despite challenging economic conditions, European chipmaker STMicroelectronics topped fourth-quarter sales projections on Thursday because of solid demand from customers.
After increasing from the previous quarter’s $4.32 billion to $4.42 billion, net revenue shows continued growth. IBES data from Refinitiv Eikon indicated that analysts, on average, anticipated sales of $4.32 billion.
STMicro achieved its annual revenue target of $16.1 billion, with major customers including iPhone manufacturer Apple and electric vehicle Tesla.
IBES statistics show that the company’s diluted profits per share in the fourth quarter of 2017 were $1.32, which was higher than the average analyst forecast of $1.09.
Texas Instruments, a competitor, issued a revenue and profit estimate for the first quarter on Wednesday that fell short of Wall Street expectations.
According to STMicro CEO Jean-Marc Chery, the company’s sales were boosted by demand from the automotive and industrial markets.
Chery has projected full-year sales between $16.8 billion and $17.8 billion, citing rising demand and expanded production capabilities.
The company’s 2027 sales goal was $20 billion. STMicro spent $3.52 billion on capex in 2022 and intended to spend $4 billion this year to improve production capacity. Net profits increased 12% to $1.25 billion.
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