ST has reported  Q3 net revenues of $2.67 billion with gross margin of 36%, an operating margin of 12.3% for a net profit of  $242 million and a gross profit of $959 million.

YTD net revenues are $6.98 billion with a gross margin 36.3%, an operating margin of 9.5% and net income of $525 million.

ST forecasts Q4 net revenues of  $2.99 billion with a  gross margin of 38.5%

“As we announced on October 1, 2020, our Q320 net revenues increased 27.8% sequentially, coming in 690 basis points above the high end of our outlook range,” said CEO Jean-Marc Chery (pictured) “this revenue performance was due to significantly better than expected market conditions throughout the quarter. Demand for Automotive products, our engaged customer programs in Personal Electronics, as well as Microcontrollers, were the main factors that contributed to this result.”

“Looking at the fourth quarter, we expect sequential revenue growth of about 12.0% at the mid-point,” added Chery, “all product groups are expected to grow, except the RF Communications sub-group. Our gross margin is expected to be about 38.5%, including about 70 basis points of unsaturation charges. For the full year 2020, we now expect net revenues at the mid-point to be about $9.97 billion, translating into 4.3% year-over-year growth, with a double-digit operating margin performance.”

ST’s net financial position was $662 million at September 26, 2020 compared to $570 million at June 27, 2020 and reflected total liquidity of $3.53 billion and total financial debt of $2.87 billion.