Why STMicroelectronics Stock Was a Winner This Week
This was a good week to be invested in Netherlands-based semiconductor company STMicroelectronics (NYSE: STM). Its shares blasted more than 14% higher in price across the five trading days, according to data compiled by S&P Global Market Intelligence, thanks to a solid earnings beat in its latest quarter.
On Thursday, STMicroelectronics reported its fourth quarter and full-year figures for 2022. For the former period, the company's revenue was $4.42 billion, a robust 24% higher on a year-over-year basis. More impressively, headline net income zoomed to a 66% rise, landing at just over $1.2 billion ($1.32 per share).
Analysts were expecting the company to do well but not that well. Collectively, they were on point in estimating a $4.42 billion top-line figure, but they were only modeling a $1.13 per-share net income.
Source Fool.com
