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STMicroelectronics gains confidence on second-quarter targets

Reuters

By Eric Auchard

LONDON (Reuters) - Europe's largest semiconductor maker, STMicroelectronics (STM.PA), said on Tuesday it expects second-quarter revenue to grow about 3.5 percent, squarely in the middle of the guidance the company issued two weeks ago.

The company said in late April that it expected revenue for the current quarter to be within a range of flat to 7 percent higher, suggesting a modest rise in confidence in the company's outlook off the lower end of its forecasts.

It said it expected a gross margin of around 33.8 percent for the second quarter. Two weeks ago, it predicted the margin would range as much as 2 percentage points either side of 33.8 percent.

The revised outlook was contained in ST's presentation at the company's annual investor day taking place in London on Tuesday.

(Reporting by Eric Auchard; Editing by James Regan)