PR No: C3193C

STMicroelectronics Reports 2023 Second Quarter Financial Results

• Q 2 net revenues $ 4.3 3 billion; gross margin 49.0 %; operating margin 26.5 % ; net income $ 1.00 b illion
• H1 net revenues $ 8 . 5 7 billion; gross margin 4 9 . 3 %; operating margin 2 7 . 4 %; net income $ 2 . 05 billion
• Business outlook at mid-point: Q 3 net revenues of $ 4.38 billion and gross margin of 47. 5 %
  
  

Geneva, July 2 7 , 202 3 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended July 1, 2023. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

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.

Jean-Marc Chery, STMicroelectronics President & CEO, commented:

• “Q 2 net revenues of $ 4.3 3 billion came in above the midpoint of our business outlook range , and Q2 gross margin of 49.0% was in line with guidance .”
• “ 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 low er 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 . ”
• “First half net revenues increased 16.1 % year-over-year , d riven 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. ”
• “ Our third quarter business outlook , at the mid-point , is for net revenues of $ 4.38 billion , increasing year-over-year by 1. 2 % and in creasing s equentially by 1. 1 % ; gross margin is expected to be about 47. 5 %. ”
• “ 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% . ”

Quarterly Financial Summary (U.S. GAAP)