STMicroelectronics N.V. Up 6.73% To $46.35 After Earnings Beat

STMicroelectronics NV (STM) beat out earnings estimates for Q4 2022 this morning.

Analyst expectations for STMicroelectronics N.V. earnings per share (EPS) were at $1.13, with the company surpassing those estimates with a reported EPS of $1.32, leading to a positive surprise of $0.19 per share (17%). STMicroelectronics N.V.'s earnings rose 61% year-over-year as the firm reported an EPS of $0.82 in its year-ago quarter. The positive annual growth shows the Technology company is performing well amid recent economic conditions.

Revenues were upbeat at $4.4 billion. That is an increase of 24.41% in revenues from the year-ago report and is 0.32% higher than consensus estimates set at $4.4 billion.

The stock is up 6.73% to $46.35 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 74. Meanwhile, the average Wall Street analyst rated the stock a Buy.

A merger between Italian firm SGS Microelettronica and the nonmilitary business of Thomson Semiconductors in France formed STMicroelectronics in 1987. STMicro is a leader in a variety of semiconductor products, including analog chips, discrete power semiconductors, microcontrollers, and sensors. STMicro is an especially prominent chip supplier into the industrial and automotive industries.