“ The revenue performance was driven by strong global demand and by our engaged customer programs in Personal Electronics,” says CEO Jean-Marc Chery (pictured), “Q3 operating margin of 18.9% improved from 12.3%, and net income nearly doubled to $474 million. First nine months net revenues increased 31.8% year-over-year, driven by growth in all product groups, except the RF Communications sub-group. Operating margin was 16.7% and net income $1.25 billion.”
“ST’s fourth quarter outlook, at the mid-point, is for net revenues of $3.40 billion, increasing sequentially by 6.3%; gross margin is expected to be about 43.0%,” added Chery, “for the full year 2021, we now expect net revenues at the mid-point to be about $12.6 billion, translating into 23.3% year-over-year growth.”