STMicroelectronics announced higher earnings and revenue in the first quarter mainly due to demand for microcontrollers.
The European processor maker reported a net profit of $ 747 million, more than double the previous year, which was $ 364 million, while revenue was $ 3.55 billion, up from $ 3 billion. , 02 billion dollars a year ago.
Gross profit rose to $ 1.66 billion from $ 1.18 billion in the first quarter of 2021, the company said.
Operating income rose sharply to $ 877 million from $ 440 million a year ago. The gross margin was higher at 46.7%, higher than 39% in the previous year.
The company stressed that revenue returns were due to strong demand for microprocessors, which was partially offset by the temporarily reduced operation at the plant in Shenzhen, China, due to the pandemic.
STMicroelectronics also expects second-quarter revenue to reach $ 3.75 billion and a gross margin of 46%.
For the full year, the company continues to expect revenue of $ 14.8-15.3 billion.
Source: Capital

Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.