STMicroelectronics had Q2 revenues of $2.53bn which were up 8.9% on Q1, net income of $356m which includes $264m from the sale of its 48.6% stake in Numonyx, and a gross margin of 38.3%. ST’s liquidity totalled $2.38bn; total debt was $2.03bn.
"ST posted another quarter of improvement in the Company's financial performance, with revenues, gross margin, operating and net income all showing progressive strengthening sequentially and year-over-year," said CEO Carlo Bozotti, ""We were particularly pleased with demand for both IMS (Industrial and MultiSegment) and ACCI (Automotive, Consumer, Communication and Infrastructure). In combination, IMS and ACCI delivered sales growth of 51% year-over-year and 16% sequentially. Obviously, we are not satisfied with the results in wireless."
‘Following a period of significant order cancellations, we are currently experiencing a strong surge in customer demand, which has led to capacity constraints in certain applications,’ said ST.
All market segments, except Telecom, had double digit revenue growth. Consumer was higher by 15%, Industrial by 11%, Automotive by 10% and Computer by 6%. Telecom decreased by 2%. Distribution increased sequentially by 22%.
For Q3: "We expect sequential revenue growth of between 2% and 7%," said Bozotti.