STMicroelectronics Q3 Profit Climbs

(RTTNews) - STMicroelectronics (STM) reported that its third quarter net income attributable to parent company stockholders climbed to $1.10 billion or $1.16 per share from $474 million or $0.51 per share in the same quarter last year.

Net revenues for the third quarter grew to $4.32 billion from last year's $3.20 billion, driven by continued strong demand for product portfolio. On a year-over-year basis, the Company recorded higher net sales in all product groups and sub-groups.

The company's guidance, at the mid-point, for the 2022 fourth quarter is net revenues are expected to be $4.40 billion, an increase of 1.8% sequentially, plus or minus 350 basis points.

The company's fourth quarter outlook, at the mid-point, is for net revenues of $4.40 billion, increasing year-over-year by 23.7% and sequentially by 1.8%. The midpoint of the outlook translates into full year 2022 net revenues of about $16.10 billion, representing a 26.2% year-over-year growth.

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