July 23 (Reuters) – STMicroelectronics forecast a third-quarter revenue with a midpoint slightly below market expectations on Thursday, but said chip demand from automotive, AI-related, data-centre optical and consumer electronics markets was recovering.
The chipmaker forecast third-quarter revenue of $3.70 billion, plus or minus 3.5%, compared with analysts’ average estimate of $3.72 billion, according to LSEG data.
“During the quarter demand increased further, with strong bookings in all end markets. We saw improved visibility and signs of tight supply in several product categories,” STMicro CEO Jean-Marc Chery said in a statement.
STMicro, whose chips are used in electric vehicles, industrial equipment, smartphones and data-centre applications, has been seeking to recover from a prolonged downturn in demand across its automotive and industrial markets.
(Reporting by Nathan Vifflin in Gdansk, editing by Milla Nissi-Prussak)
Comments