Franco-Italian chipmaker STMicroelectronics said its preliminary fourth-quarter revenues were slightly above the guidance given at the end of October.
Sales for the last three months of 2021 increased by 11.2% sequentially, coming in at $3.56 billion which was above a company forecast of $3.40 billion.
Full year sales jumped by 24.9% to $12.76 billion, also higher than STMicro’s October 2021 forecast.
The global microchip shortage has forced automakers and electronics companies to cut production and bottlenecks in the chip industry are expected to affect output until 2023, several analysts have said.
STMicroelectronics will publish its detailed Q4 2021 earnings on Jan 27.