- STMicroelectronics N.V. (NYSE: STM) targeted over $20 billion in annual sales by 2027, building on the strength of its strategy focused on Industrial and Automotive as a broad range leader and selective leadership positions in Personal Electronics and Communications Equipment, Computers & Peripherals.
- The Apple Inc (NASDAQ: NASDAQ:AAPL) and Tesla Inc (NASDAQ: TSLA) supplier's mid-term sales target represents a 30% increase from the top range of its expectations for this year, at $15.3 billion.
- STMicro looks to generate an operating margin of over 30% by 2027.
- STMicro ramped up its production to meet soaring demand for chips and sensors reflected via an increased number of smartphones, cars, and growing connected devices, Reuters reports.
- The electrification of the car industry, new mobile networks, and a boom in cloud services are driving up orders for the group's chips.
- CEO Jean-Marc Chery expected sales of silicon carbide chips to improve the charging capacity of batteries in electric vehicles and the time between charges, to reach $1 billion in 2023, one year earlier than previously expected.
- Price Action: STM shares traded higher by 4.28% at $36.56 on the last check Thursday.
Read at Benzinga