STMicro: Q3 preliminary revenues above forecast range
(CercleFinance.com) - Preliminary Q3 2020 unaudited net revenues came in at 2.
67 billion euros, up 27.8% in sequential terms and 690 basis points above the top of the forecast range.
Previous estimates for Q3 2020 net sales were 2.45 billion dollars, up 17.4%, with a sequential change of over 350 basis points.
"We ended Q320 with net revenues above the outlook range due to significantly better than expected market conditions throughout the quarter. Sharp acceleration in demand of Automotive products and Microcontrollers, as well as our engaged customer programs in Personal Electronics, were the main factors that contributed to this result," the group said.
"We now plan for our FY20 revenues to be above $9.65B," said company boss Jean-Marc Chéry. It will publish its Q3 results before the market opens on Thursday 22 October.
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