2023-07-27 04:39:45 ET
- STMicroelectronics press release ( NYSE: STM ): Q2 GAAP EPS of $1.06 misses by $0.02 .
- Revenue of $4.33B (+12.8% Y/Y) beats by $40M .
- Net revenues totaled $4.33 billion, representing a year-over-year increase of 12.7%. On a year-over-year basis, ADG and MDG revenues increased 34.4% and 13.0%, respectively, while AMS decreased 15.7%. Year-over-year net sales to OEMs and Distribution increased 9.8% and 18.3%, respectively.
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The Company’s guidance, at the mid-point, for the 2023 third quarter is:
- Net revenues are expected to be $4.38 billion ($4.41B consensus), an increase of 1.1% sequentially, plus or minus 350 basis points.
- Gross margin of 47.5%, plus or minus 200 basis points.
- This outlook is based on an assumed effective currency exchange rate of approximately $1.10 = €1.00 for the 2023 third quarter and includes the impact of existing hedging contracts.
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STMicroelectronics GAAP EPS of $1.06 misses by $0.02, revenue of $4.33B beats by $40M