On January 29, European semiconductor manufacturer STMicroelectronics announced a sales upturn in the fourth quarter. This growth was fueled by an uptick in customer demand for chips used in personal electronics, communication gear, computer peripherals, and industrial equipment. Nonetheless, the resurgence in semiconductor demand from the automotive industry remains lackluster.

The company's quarterly sales soared to USD 3.33 billion, marking a return to a year-on-year growth rate of 0.2% after experiencing several quarters of decline. Despite this overall enhancement, CEO Jean-Marc Chery pointed out that the company's performance in catering to automotive customers did not meet expectations, highlighting the persistent weak demand in this crucial market segment. STMicroelectronics' automotive clientele encompasses Tesla, Hyundai Motor, German parts supplier Continental AG, and Israel's Mobileye.

Looking ahead to the first quarter, the company anticipates revenue of roughly USD 3.04 billion, a notable increase from the USD 2.52 billion reported during the same period the previous year. This projection implies a continued improvement in sales conditions. The gross margin is expected to hover around 33.7%, a marginal uptick from the 33.4% recorded a year ago.