STMicroelectronics Reports 2Q 2023 Financial Results

STMicroelectronics reported U.S. GAAP financial results for the second quarter ended July 1, 2023. ST reported second quarter net revenues of $4.33 billion, gross margin of 49.0%, operating margin of 26.5%, and net income of $1.00 billion or $1.06 diluted earnings per share.

“Q2 net revenues of $4.33 billion came in above the midpoint of our business outlook range, and Q2 gross margin of 49.0% was in line with guidance,” said Jean-Marc Chery, STMicroelectronics president and CEO. “Q2 net revenues increased 12.7% year-over-year. The revenue performance continued to be driven by growth in Automotive and Industrial, partially offset by lower revenues in Personal Electronics.

“On a year-over-year basis, gross margin increased to 49.0% from 47.4%, operating margin increased to 26.5% from 26.2% and net income increased 15.5% to $1.00 billion,” added Chery. “First half net revenues increased 16.1% year-over-year, driven by growth in all product sub-groups except the Analog and MEMS sub-groups. Operating margin was 27.4% and net income was $2.05 billion.

“We will drive the company based on a plan for FY23 revenues of $17.4 billion, plus or minus $150 million, and a gross margin exceeding 48.0%,” Chery concluded.

ST’s net financial position (non-U.S. GAAP) was $1.91 billion as of July 1, 2023, compared to $1.86 billion as of April 1, 2023 and reflected total liquidity of $4.56 billion and total financial debt of $2.65 billion.