Automotive industry is driving revenue for at least one chip company: STMicroelectronics
Chipmaker STMicroelectronics appears to be bucking the industry trend by beating analyst expectations and delivering revenues towards the upper end of guidance, driven by demand from the automotive and industrial segments, the company said.in the semiconductor business have reported weaker orders and declining profits, the Switzerland-based company saw net revenue for Q4 2022 of $4.42 billion, up 24.4 percent over the same period last year and 2.4 percent up on the previous quarter.
President and CEO Jean-Marc Chery said on the company's earnings call the results were"driven by strong demand in Automotive and Industrial, and our engaged customer programs." However, all three of the semiconductor maker's product groups contributed to the growth, he added. As a chip designer and contract manufacturer, STMicro supplies chips to both Apple for the iPhone line and to carmaker Tesla for its electric vehicles.
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