ST tops $12bn target

January 07, 2022 // By Nick Flaherty
ST tops $12bn target
Preliminary Q421 net revenues of $3.56bn takes STMicroelectronics over its $12bn target two years early with 24 percent growth

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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