LONDON , Oct. 27, 2017 – European chipmaker STMicroelectronics is on track to grow sales by 18 percent in 2017 after delivering third quarter results that included strong sales growth across all categories.
"All product groups recorded double-digit year-over-year revenue growth, driven by strong demand across all geographies in our focus application areas of Internet of Things, smartphones, industrial and smart driving," said Carlo Bozotti, ST's president and CEO.
ST (Geneva) posted sales of around $2.14 billion, up an impressive 18.9 percent year-over-year and 11.1 percent sequentially. Third quarter gross profit was $845 million and gross margin was 39.5 percent.
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