RTTNews | Oct 1, 2020 01:17AM EDT

01:17 Thursday, October 1, 2020 (RTTNews.com) - STMicroelectronics (STM) reported preliminary third quarter net revenues of $2.67 billion, up 27.8% sequentially and 690 basis points above the high end of the range. The company's prior outlook was for net revenues to be $2.45 billion. The company now plans for fiscal 2020 revenues to be above $9.65 billion.

"We ended third quarter with net revenues above the outlook range due to significantly better than expected market conditions throughout the quarter. Sharp acceleration in demand of Automotive products and Microcontrollers, as well as our engaged customer programs in Personal Electronics, were the main factors that contributed to this result," said Jean-Marc Chery, CEO.

The company will release third quarter earnings on October 22, 2020.

Read the original article on RTTNews ( https://www.rttnews.com/3132837/stmicroelectronics-preliminary-q3-revenues-above-its-outlook-range-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved