STMicroelectronics Q1 Results Top Estimates - Quick Facts

(RTTNews) - STMicroelectronics (STM) reported that its first quarter net income increased to $1.04 billion or $1.10 per share from $0.75 billion or $0.79 per share in the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share for the first quarter. Analysts' estimates typically exclude special items.

Net revenues totaled $4.25 billion, representing a year-over-year increase of 19.8%. Analysts expected revenue of $4.13 billion for the quarter.

For the second quarter, at the mid-point, the company expects net revenues to be $4.28 billion, an increase of 0.8% sequentially, plus or minus 350 basis points.

Jean-Marc Chery, STMicroelectronics President & CEO, said, "We will now drive the Company based on a plan for FY23 revenues in the range of $17.0 billion to $17.8 billion."

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