ST reports third quarter results
22 November 2023
News
STMicroelectronics has reported US GAAP financial results for the third quarter ended 30 September 2023. The report stated net revenues of $4,43 billion, gross margin of 47,6%, operating margin of 28,0%, and net income of $1,09 billion, or $1,16 diluted earnings per share.
The company’s YTD net revenues were $13 billion, with a gross margin of 48,7%, and an operating margin of 27,6% amounting to a net income of $3,14 billion. Business outlook at the mid-point looks healthy with Q4 2023 net revenues of $4,3 billion and gross margin of 46%.
Jean-Marc Chery, ST president and CEO, commented: “Q3 net revenues of $4,43 billion came in above the midpoint of our business outlook range, and Q3 gross margin of 47,6% was slightly above guidance. Q3 net revenues increased 2,5% year-over-year. As expected, the revenue performance was driven mainly by continued growth in Automotive, partially offset by lower revenues in Personal Electronics.”
He continued: “The midpoint of this outlook translates into full year 2023 revenues of about $17,3 billion, representing 7,3% year-over-year growth and a gross margin of about 48,1%.”
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