By Cecilia Butini 
 

STMicroelectronics NV on Wednesday posted higher earnings and revenue for the first quarter, driven by microcontrollers demand.

The European chip maker reported net profit of $747 million, more than double the year-prior figure, which was $364 million, on net revenue of $3.55 billion, which rose from $3.02 billion the year prior.

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 the year prior. Gross margin was 46.7%, up from 39% the year prior.

The company said revenue performance was driven by strong demand for microcontrollers, which was partially offset by temporarily reduced operation at its Shenzhen, China, plant due to the coronavirus pandemic.

Looking ahead, STMicroelectronics said it expects second-quarter revenue of $3.75 billion and gross margin of 46%. For the full year, the company said it continues to plan around revenue in the range of $14.8 billion to $15.3 billion.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

April 27, 2022 01:44 ET (05:44 GMT)

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