PARIS, April 25 (Reuters) - Franco-Italian chipmaker STMicroelectronics said profits grew in the first-quarter, driven by a surge in demand for its auto and industrial products.
Net revenues over the period rose to $2.23 billion from $1.82 billion a year earlier, while gross margin went up to 39.9 percent from 37.7 percent.
The Geneva-based group said it expected second-quarter revenues to increase by about 1.5 percent, plus or minus 3.5 percentage points, from the previous quarter.
The mid-point target for gross margin is 40 percent for the second quarter.
“For the second half of the year, we see healthy demand, with a strong backlog across all our product groups, end markets, including smartphones, and regions,” said chief executive Carlo Bozotti in a written statement. (Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta)