January 23, 2020 / 6:26 AM / 5 months ago

STMicro posts Q4 net revenues beat but sees sales slowing q/q

Jan 23 (Reuters) - Franco-Italian chipmaker STMicroelectronics’ said on Thursday its fourth-quarter sales and gross margin were above its mid-point guidance, boosted by all product groups and manufacturing efficiencies.

The supplier to iPhone maker Apple and electric carmaker Tesla said fourth-quarter net revenues rose by 7.9% from the previous quarter to $2.75 billion, above STMicro’s targets.

The gross margin for the period stood at 39.3 percent.

The company, which provides chips and sensors to the smartphone and auto industries, expects first-quarter sales to fall by 14% to about $2.36 billion from the last quarter of 2019. It also plans to invest about 1.5 billion in capital expenditure in 2020.

Reporting by Pawel Goraj; Editing by Kim Coghill

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