French Chipmaker STMicro Posts Profit Gain

Umer Jamshaid Published January 28, 2021 | 03:10 PM

Paris, (UrduPoint / Pakistan Point News - 28th Jan, 2021 ) :French chipmaker STMicroelectronics said Thursday its 2020 net profit rose 7.2 percent to $1.1 billion, bolstered by increasing demand across the industry, especially from the auto sector.

Sales were up 6.9 percent at $10.2 billion, it said, noting it had a much stronger-than-expected fourth quarter.

"Programmes launched with our clients in personal electronics plus the continued acceleration in demand, notably in the automobile sector and micro-controllers, were the main factors behind these results," company head Jean-Marc Chery said in a statement.

For the first three months of this year, STMicroelectronics said it expected sales to be up 31.2 percent compared with first quarter 2020, while the operating profit margin would be higher at 38.5 percent, up from 37.1 percent.

STMicroelectronics said it expected to increase capital investment to $1.8-2.0 billion this year from just under $1.3 billion last year.

The company's board also announced that Chery would serve another three-year term at the helm.