STMicroelectronics Q2 Results Up; Sees Q3 Revenue Above Consensus

(RTTNews) - STMicroelectronics N.V. (STM), on Thursday, reported Q2 net income of $1.00 billion or $1.06 per share versus $867 million or $0.92 per share last year.

Net revenues for the quarter amounted to $4.33 billion, 12.7% higher than the previous year's revenue of $3.84 billion, driven by growth in Automotive and Industrial, partially offset by lower revenues in Personal Electronics.

Analysts polled by Thomson Reuters expected earnings of $1.08 per share on revenue of $4.27 billion for the quarter. Analysts' estimate typically exclude certain special items.

ST's net financial position, non-U.S. GAAP, was $1.91 billion as of July 1, 2023, compared to $1.86 billion as of April 1, 2023 and reflected total liquidity of $4.56 billion and total financial debt of $2.65 billion.

Looking ahead, the company projects Q3 net revenues to be $4.38 billion, an increase of 1.1% sequentially, plus or minus 350 basis points. Eight Wall Street analysts have a consensus revenue estimate of $4.35 billion for the quarter.