STMicroelectronics Expects 3Q23 Net Revenues Of $4.38 Billion (Vs. consensus Of $4.35B), Plus Or Minus 350 Bps; It Sees Gross Margin Of 47.5%, Plus Or Minus 200 Bps
Portfolio Pulse from Benzinga Newsdesk
STMicroelectronics has provided its 3Q23 guidance, expecting net revenues of $4.38 billion, a sequential increase of 1.1%, and a gross margin of 47.5%. The guidance is based on an assumed currency exchange rate of $1.10 = €1.00 and includes the impact of existing hedging contracts.
July 27, 2023 | 6:22 am
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STMicroelectronics expects a 1.1% sequential increase in 3Q23 net revenues to $4.38 billion and a gross margin of 47.5%. The guidance is based on a $1.10 = €1.00 exchange rate.
The company's guidance for 3Q23 is positive, with expected increases in net revenues and a healthy gross margin. This could lead to a positive market reaction, potentially driving the stock price up in the short term.
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