STMicroelectronics announced its preliminary and unaudited net revenues for the third quarter ended September 26, 2020 are above the business outlook range provided in the Company’s news release dated July 23, 2020.
Preliminary Q320 net revenues are $2.67 billion, up 27.8% sequentially and 690 basis points above the high end of the range. The prior outlook was for Q320 net revenues to be $2.45 billion, an increase of 17.4% sequentially, plus or minus 350 basis points.
“We ended Q320 with net revenues above the outlook range due to significantly better than expected market conditions throughout the quarter. Sharp acceleration in demand of Automotive products and Microcontrollers, as well as our engaged customer programs in Personal Electronics, were the main factors that contributed to this result. We now plan for our FY20 revenues to be above $9.65B. I look forward to providing additional details on the third quarter, and on our fourth quarter guidance, during our earnings call on October 22,” said Jean-Marc Chery, STMicroelectronics’ President & CEO.
The Company will release third quarter 2020 earnings before the opening of trading on the European Stock Exchanges on Thursday October 22, 2020.
The press release will be available immediately after the release on the Company’s website at www.st.com.
STMicroelectronics will conduct a conference call with analysts, investors and reporters to discuss its third quarter 2020 financial results and current business outlook on October 22, 2020 at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET).
A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, http://investors.st.com, and will be available for replay until November 6, 2020.