STMicroelectronics announced that its preliminary and unaudited net revenues for the third quarter ended Sept. 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. The sharp acceleration in demand for 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 $9.65 billion,” said Jean-Marc Chery, STMicroelectronics’ president and CEO.
