|STMicroelectronics N.V. (STM) 18.83 +0.65 (+3.58%)|
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STMicro shares up on outlook for second half
By Mathieu Rosemain
PARIS (Reuters) - Franco-Italian chipmaker STMicroelectronics struck an upbeat tone for the second half of the year on Wednesday after a steep fall in quarterly sales of sensors compelled it to trim its investment plans.
The supplier to iPhone maker Apple and electric carmaker Tesla saw signs of recovery in the first quarter and expects higher demand for industrial sensors and silicon-carbide semiconductors, aimed at making electric cars more independent.
"This, coupled with the financial stimulus programs in China, is increasing our confidence level for improved market conditions for the second half of 2019," Chief Executive Officer Jean-March Chery told analysts on a conference call.
Chinese authorities last week pledged that they would maintain policy support for the economy to fend off any potential slowdown, following already announced tax cuts and spending on infrastructure.
STMicro's shares were up by about 3 percent at 0913 GMT, valuing the company at 14.4 billion euros ($16.15 billion).
The Geneva-based company said it had a clearer view of its full-year revenue, which it expects to be between $9.45 billion and $9.85 billion, largely unchanged from a year earlier, as it adjusts to a volatile market seeking new sophisticated chips for self-driving cars and AI-enabled devices.
On Wednesday South Korea's Samsung Electronics indicated it would join the crowded field by investing $116 billion in non-memory chips through 2030 and challenge bigger rivals such as TSMC and Qualcomm.
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