April 25, 2018 / 5:32 AM / 3 months ago

STMicro Q1 profits grow, sees "healthy demand" in second-half

PARIS, April 25 (Reuters) - Franco-Italian chipmaker STMicroelectronics said profits grew in the first-quarter, driven by a surge in demand for its auto and industrial products.

Net revenues over the period rose to $2.23 billion from $1.82 billion a year earlier, while gross margin went up to 39.9 percent from 37.7 percent.

The Geneva-based group said it expected second-quarter revenues to increase by about 1.5 percent, plus or minus 3.5 percentage points, from the previous quarter.

The mid-point target for gross margin is 40 percent for the second quarter.

“For the second half of the year, we see healthy demand, with a strong backlog across all our product groups, end markets, including smartphones, and regions,” said chief executive Carlo Bozotti in a written statement. (Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta)

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