ST sees boost coming from iPhone 12

October 23, 2020 //By Peter Clarke
ST reports strong quarter on automotive rebound, Apple boost to come
STMicroelectronics NV saw a strong rebound in its third quarter with a boost from the iPhone 12 and a bounce back in the automotive business.

STMicroelectronics took in $2.67 billion in the third quarter, a sequential increase of 27.8 percent and well above the $2.45bn estimate. As result ST's revenue and profit was up 4.4 percent on 3Q19 although net income of $242 million was down from $302 million, in the same quarter a year before.

This was attributed to demand for automotive products, personal electronics and more generally for microcontrollers. Observers also reckon that ST design wins with Apple smartphones are prompting an increased estimate for the fourth quarter revenue

For the final quarter of the year ST forecast a revenue $2.99 billion, which would give annual revenues of $9.97 billion, a 4.3 percent improvement on 2019 and a remarkable result in year of the Covid-19 pandemic.

The microcontroller and digital ICs group was the best performing in terms of annual growth. It scored sales of $815 million in 3Q20, up 18.6 percent over the same quarter a year before. The largest business unit remains Analog, MEMS and Sensors, which took in $997 million in the quarter, up 3 percent.

The automotive and discrete components business unit performed well sequentially, up 17.1 percent, signifying a restart of the automotive supply chain. The sales of $851 million were down 4.9 percent on the same quarter a year before, but a remarkable result given the number of car plants that closed in 2Q20 as part of responses to the pandemic.

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