ST tops $12bn target

ST tops $12bn target

Business news |
By Nick Flaherty

STMicroelectronics has released preliminary and unaudited net revenues for the fourth quarter that takes the company over its annual revenue target of $12bn

This was a key target when CEO Jean-Marc Chery took over from Carlo Bozotti in 2018. The company did not expect to hit that target until 2023, and instead looked to reach $15bn by 2025, a target that looks a lot closer now after the pandemic and the high demand for semiconductors.

Preliminary Q421 net revenues are $3.56 billion, up 11.2 percent on the previous quarter and meant the full year was $12.76bn, an increase of 24.9 per cent.

“We ended Q421 with net revenues above the outlook range and gross margin at or slightly above the high-end of the outlook range, primarily due to better than anticipated operations in an ongoing dynamic market,” said Chery. “Our FY21 revenues reached $12.76 billion, an increase of 24.9 per cent compared to FY20, reflecting a strong performance across all the end markets we address and our engaged customer programs throughout the year.”

He plans to provide a breakdown of the details on January 27.

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