ST’s first quarter financial results

31 May 2023 News

STMicroelectronics has reported its first quarter financial results, ending 1 April 2023. The company reported net revenues of $4,25 billion, a gross margin of 49,7%, an operating margin of 28,3%, and net income of $1,04 billion. ST’s cash flow was $206 million after net capital expenditure payments of $1,09 billion.

Jean-Marc Chery, STMicroelectronics president and CEO, commented:

• “Q1 net revenues of $4,25 billion came in better than expected in Automotive and Industrial, partially offset by lower revenues in Personal Electronics.”

• “Q1 gross margin of 49,7% was 170 basis points above the mid-point of our business outlook range mainly due to product mix in a price environment that remained favourable.”

• “On a year-on-year basis, Q1 net revenues increased 19,8%, operating margin increased to 28,3% from 24,7%, and net income increased 39,8% to $1,04 billion.”

• “Our second quarter business outlook, at the mid-point, is for net revenues of $4,28 billion, increasing year-on-year by 11,5%, and increasing sequentially by 0,8%; gross margin is expected to be about 49,0%.”

• “We will now drive the company based on a plan for FY23 revenues in the range of $17,0 billion to $17,8 billion.”

For more information visit www.st.com

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