RTTNews | Apr 29, 2021 07:29AM EDT

07:28 Thursday, April 29, 2021 (RTTNews.com) - Shares of STMicroelectronics N.V. (STM) are climbing more than 4% in pre-market trade on Thursday after reporting better-than-expected first-quarter results. The company also provided second-quarter revenue outlook, above analyst estimates.

Net income in the first quarter increased to $364 million or $0.39 per share from $192 million or $0.21 per share in the same quarter a year ago. On average, 6 analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share.

Net revenues increased 35.2% year-over-year to $3.02 billion, helped by growth in all product groups. The consensus estimate stood at $2.92 billion.

Looking forward to the second quarter, the company sees revenue to be $2.9 billion. This compares with the Street view of $2.83 billion.

"For 2021, we now plan to invest about $2.0 billion in CAPEX to support the strong market demand and our strategic initiatives," said Jean-Marc Chery, STMicroelectronics President & CEO.

STM closed Wednesday's trade at $38.61, down 2.97%. The stock is currently at $40.50.

Read the original article on RTTNews ( https://www.rttnews.com/3189700/stock-alert-stmicroelectronics-up-4-in-pre-market-on-q1-results-outlook-better-than-estimates.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved