STMicroelectronics forecasts sales growth, signaling chip market recovery
STMicroelectronics said on Thursday that it expects sales to rise in the fourth quarter, signaling a sustained recovery after years of weakness across its key markets.
The European chipmaker — whose major clients include Tesla and Apple — projected fourth-quarter revenue of $3.28 billion, compared with $3.19 billion in the previous quarter, News.Az reports, citing Reuters.
Analysts surveyed by LSEG had forecast slightly higher fourth-quarter sales of $3.34 billion and $3.12 billion for the third quarter.
“Our strategic priorities remain clear: accelerating innovation and executing our company-wide program to reshape our manufacturing footprint,” said Jean-Marc Chery, STMicroelectronics’ Chief Executive, in a statement.
The company’s outlook offers a glimmer of optimism for the global semiconductor industry, which has endured a multi-year slump driven by weak demand, excess inventories, and geopolitical uncertainty.
Chipmakers with exposure to the automotive, industrial, and consumer electronics sectors — including STMicro, Texas Instruments, and NXP Semiconductors — have all faced slower sales since the pandemic boom ended.
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