Geneva- STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the first quarter ended April 1, 2023. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).
ST reported first quarter net revenues of $4.25 billion, gross margin of 49.7%, operating margin of 28.3%, and net income of $1.04 billion or $1.10 diluted earnings per share.
Jean-Marc Chery, STMicroelectronics President & 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 favorable.
- “On a year-over-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- over-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.” Quarterly Financial Summary (U.S. GAAP)
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