FRANKFURT/PARIS, April 27 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)