FRANKFURT/PARIS, April 27 (Reuters) - STMicroelectronics , Europe’s third largest semiconductor maker, on Thursday posted solid double-digit revenue growth fuelled by phone, automotive and industrial demand that marks a turnaround from six years of sales declines.
The Franco-Italian-controlled diversified semiconductor forecast 5 percent growth in revenue for the current second quarter compared to the first quarter and around 12.3 percent year-to-year, and said it was on track to meet 2017 objectives.
“The positive momentum we have had over the last quarters has continued entering 2017,” said CEO Carlo Bozotti, who will remain in his position for one year after a long-running search for a chief executive replacement failed to yield a replacement.
STMicro reported first-quarter net revenue of $1.821 billion (1.67 billion euros), a rise of 12.9 percent from the first period of 2015. The results were in line with the average forecast of $1.822 billion analysts expected, according to a Thomson Reuters poll. (1 euro = $1.0906) (Reporting By Eric Auchard; Editing by Sudip Kar-Gupta)