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GENEVA (AP) — GENEVA (AP) — STMicroelectronics NV (STM) on Thursday reported first-quarter net income of $56 million.
The Geneva-based company said it had net income of 6 cents per share. Earnings, adjusted for non-recurring costs, came to 7 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The chip company posted revenue of $2.52 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $2.51 billion.
STMicroelectronics expects full-year revenue of $2.71 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STM at https://www.zacks.com/ap/STM