STMicro profit rises, confirms outlook

STMicroelectronics NV (STM.FR) said Wednesday that third-quarter revenue and profit rose sharply, with the company performing above expectations on the back of strong sales growth in its imaging, power-discrete and automotive product lines.

The European chip maker said net income rose 57% year-on-year to $369 million with an operating margin of 16% for the third quarter.

Net revenue was up 18% on year to $2.52 billion, said STMicro.

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STMicro confirmed its 2018 guidance and said it expects fourth-quarter revenue to increase 5.7% quarter-on-quarter with a gross margin of roughly 40%.

Revenue for 2018 as a whole is forecast to rise 16% on year, said STMicro.

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