STMicroelectronics NV revenue in the second quarter rose 13% from a year earlier, beating expectations, as demand from the auto industry drove sales.
The Franco-Italian chipmaker’s revenue rose to $4.33 billion in the period, it said in a statement on its second-quarter results on Thursday. That compares to a $4.29 billion estimate among analysts surveyed by Bloomberg.
The results came after Texas Instruments Inc. and NXP Semiconductors NV also reported strong results in their automotive divisions as the car industry’s pivot to electric vehicles fuels chip demand. STMicro’s Automotive and Discrete unit is its largest, with revenue up 34% to $1.96 billion last quarter, compared to an average analyst estimate of $1.87 billion.
“Revenue performance continued to be driven by growth in Automotive and Industrial, partially offset by lower revenues in Personal Electronics,” STMicro Chief Executive Officer Jean-Marc Chery said in the statement.
STMicro narrowed its guidance for full-year revenue to $17.4 billion, plus or minus $150 million. The company’s previous forecast saw sales of between $17 billion and $17.8 billion for the year.
