5 days ago
European chipmaker STMicroelectronics (STM) early Thursday beat ***** yst estimates for the second quarter but disappointed with its Q3 sales guidance. STM stock fell on the news.
The Geneva, Switzerland-based company earned an adjusted 31 cents a share on sales of $3.49 billion in the June quarter. ***** ysts polled by FactSet had expected earnings of 27 cents a share on sales of $3.46 billion. On a year-over-year basis, STMicro earnings jumped 417% while sales increased 26%.
For the current quarter, it forecast revenue of $3.7 billion, missing views for $3.79 billion. In last year's Q3, it posted sales of $3.19 billion. Its outlook translates to year-over-year sales growth of 16%.
However, it predicted Q4 revenue will be "above $4 billion," vs. estimates for $4 billion. In last year's Q4, it generated sales of $3.33 billion.
On the stock market today, STM stock plunged 18.7% to close at 53.49.
#Stock #estimates
The Geneva, Switzerland-based company earned an adjusted 31 cents a share on sales of $3.49 billion in the June quarter. ***** ysts polled by FactSet had expected earnings of 27 cents a share on sales of $3.46 billion. On a year-over-year basis, STMicro earnings jumped 417% while sales increased 26%.
For the current quarter, it forecast revenue of $3.7 billion, missing views for $3.79 billion. In last year's Q3, it posted sales of $3.19 billion. Its outlook translates to year-over-year sales growth of 16%.
However, it predicted Q4 revenue will be "above $4 billion," vs. estimates for $4 billion. In last year's Q4, it generated sales of $3.33 billion.
On the stock market today, STM stock plunged 18.7% to close at 53.49.
#Stock #estimates
