October 24, 2018 / 5:30 AM / 24 days ago

STMicro Q3 profits rise on strong automotive, imaging sales

PARIS, Oct 24 (Reuters) - Franco-Italian chipmaker STMicroelectronics reported a jump in third-quarter sales and profits, driven by a strong performance of its automotive and imaging businesses.

Quarterly net revenue rose 11.2 percent from the second-quarter to $2.52 billion, slightly above the company’s midpoint target.

Operating income rose by 38 percent over the period to $398 million. Gross margin stood at 39.8 percent.

STMicro said it expected fourth-quarter revenues to grow by about 5.7 percent from the previous quarter, with a gross margin of 39.8 percent. (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Sudip Kar-Gupta)

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