STMicroelectronics (STM) shares gained ground in late trading after the chip maker posted better-than-expected results for the third quarter.
STM reported Q3 revenue of $2.657 billion, with profits of 23 cents a share, ahead of the Street consensus forecast for $2.64 billion and 20 cents.
The company also said it expects Q4 revenue to grow 2%-7% sequentially, which implies revenue of $2.71 million to $2.84 million; the Street consensus has been for $2.73 million.
The company also said it named Didier Lamouche as chief operating officer, succeeding Alain Duthell, who is retiring. Lamouche was CEO of Groupe Bull from 2004 until mid-2010.
STM in late trading is up 61 cents, or 7.5%, to $8.75.
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