GENEVA / MUNICH (IT BOLTWISE) - Chip manufacturer STMicroelectronics, which has faced a number of challenges in the past, is now optimistic about the future. Despite a decline in sales in the first quarter, the company is planning a significant increase in efficiency and is confident about the coming quarter.
STMicroelectronics, a leading supplier in the semiconductor industry, has recently announced its plans to increase efficiency in order to meet the challenges of the recent past. The company expects sales to increase by 7.7 percent to approximately 2.7 billion US dollars in the second quarter. This forecast exceeds analysts' expectations and shows the company's confidence in its future development.
CEO Jean-Marc Chery emphasized that the company had overcome the low point in the first quarter. Despite a 16.2 percent drop in sales compared to the previous year, STMicroelectronics is optimistic about the future. The planned measures to increase efficiency include the reduction of 2,800 jobs in order to improve operational efficiency and ensure long-term success.
JEFFERIES rates STMicro a 'Buy'
NEW YORK (dpa-AFX Analyser) - The analyst firm Jefferies has maintained its rating for STMicroelectronics at "Buy" with a price target of 30 euros after the first quarter results. The results were largely in line with market expectations, analyst Janardan Menon wrote in an initial reaction on Thursday. The semiconductor manufacturer's sales forecast for the current second quarter is better than expected./bek/mis
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