STMicro Sees Chips Rebound But No Margin Boost From iPhones

STMicro Sees Chips Rebound But No Margin Boost From iPhones

STMicroelectronics NV forecast a rebound in smartphones chips thanks to customers including Apple Inc., but said that growth won’t benefit profitability as new products ramp up. Revenue will grow about 10 percent in the third quarter from the second to roughly $2.5 billion, and gross margin will be about 40 percent, the company said in a statement Wednesday. Before the earnings report, analysts had predicted revenue of $2.46 billion and gross margin of 40.3 percent for the third quarter.

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