(RTTNews) – STMicroelectronics N.V. (STM), a French-Italian semiconductor company, reported a profit for the second quarter, marking a turnaround from a loss in the same period last year.
The company also provided its revenue outlook for the upcoming third quarter.
For the quarter, STMicroelectronics posted earnings of $222 million, or $0.24 per share, compared to a loss of $97 million, or $0.11 per share, in the prior-year period.
Impairment, restructuring charges, and other related phase-out costs decreased to $58 million from $190 million recorded in the previous year.
Excluding special items, earnings surged 410.5% to $291 million, or $0.31 per share, up from $57 million, or $0.06 per share, a year earlier.
Revenue climbed 26% to $3.49 billion from $2.77 billion in the prior year, driven primarily by growth in Consumer Electronics, Computer Peripherals (CECP), and Automotive segments.
Looking ahead to the next quarter, the company projects net revenue of approximately $3.7 billion, representing a sequential increase of 6.2%, with a margin of error of plus or minus 350 basis points.
On Wednesday, the company’s shares closed at $65.77, reflecting a 0.52% gain on the New York Stock Exchange.
