Chipmaker STMicroelectronics reported revenue of around $3.55 billion (+9.9 percent) and net income of $750 million in the fourth quarter of 2021.
STMicroelectronics generated revenue of $1.226 billion (+28.6 percent) from Automotive and Discrete Group (ADG), $1.260 billion (–11.2 percent) from Analog, MEMS and Sensors Group (AMS) and $1.062 billion (+23.7 percent) from Microcontrollers and Digital ICs Group (MDG).
STMicroelectronics, a global semiconductor leader, said it plans to double its investments this year to up to $3.6 billion, buoyed by high demand.
The step up in spending stems from a chip shortage that has hit manufacturers and fuelled inflation for semi-conductors, which range from low-added value chips in washing machines to sophisticated sensors in cars and smartphones.
The Geneva-based company said on Thursday it planned between $3.4 billion and $3.6 billion in capital spending this year, compared with $1.8 billion in 2021.
That will include building the first production line of a new 300 mm wafer plant in Agrate, Italy, Chief Executive Officer Jean-Marc Chery said in a statement.
STMicro, whose biggest clients include electric carmaker Tesla and iPhone maker Apple, expects net revenues this year in a range of $14.8 billion to $15.3 billion, a 20 percent increase at the top of the range.
STMicro’s larger rivals have also fared well. Texas Instruments beat market expectations this week and is also boosting capacity.
Taiwanese chip firm TSMC this month said it expected strong growth to accelerate in coming years due to booming semiconductor demand.
