Semiconductor Player STMicroelectronics Tops Q3 Expectations But Revises Annual Outlook: Details
Portfolio Pulse from Anusuya Lahiri
STMicroelectronics NV reported Q3 FY23 revenue growth of 2.5% YoY to $4.43 billion, beating the consensus of $4.38 billion. The company generated $707 million in free cash flow and held $5.05 billion in cash and equivalents. However, it revised its FY23 revenues outlook to $17.3 billion, versus the prior $17.25 billion - $17.55 billion. STM shares traded higher by 3.49% at $40.35 premarket on the last check Thursday.
October 26, 2023 | 9:49 am
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STMicroelectronics reported better than expected Q3 results but revised its FY23 outlook downwards. Shares traded higher in premarket.
While the Q3 results were better than expected, the downward revision of the FY23 outlook might have a negative impact on the stock in the short term. However, the stock traded higher in premarket, indicating that the market might have already priced in the revised outlook.
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