ST shakes off Covid-19 pandemic in 2020 results
STMicroelectronics is shaking off the impact of the Covid-19 pandemic in its 2020 results.
The preliminary Q420 net revenues are $3.24bn, up 21.3 percent on Q3 which itself picked up after the global lockdown. The full year revenue of $10.22bn was up 6.9 per cent on the previous year, despite the double impact of the automotive shutdown during the Covid-19 pandemic and the US-China trade war that saw equipment from a large customer, Huawei, banned in the West.
“We ended Q420 with net revenues above the outlook range due to significantly better than expected market dynamics throughout the quarter. Our engaged customer programs in Personal Electronics, as well as continuous acceleration in demand especially of Automotive products and microcontrollers, were the main factors that contributed to this result,” said Jean-Marc Chery, STMicroelectronics’ President and CEO.
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