US Stocks Move: STMicroelectronics rises over 5% pre-market as Q1 earnings exceed expectations

Glonghui, April 23 — STMicroelectronics (STM.US) rose 5.68% in pre-market trading to $47.41. According to reports, STMicroelectronics' Q1 revenue increased by 23% year-on-year to $3.1 billion, beating analysts' expectations of $3.04 billion. Non-GAAP operating profit was $171 million, also exceeding analysts' forecast of $165.8 million. The company predicts second quarter revenue will reach $3.45 billion, a quarter-on-quarter increase of 11.6% and a year-on-year increase of 24.9%, higher than the market expectation of $3.21 billion.STMicroelectronics President and CEO Jean-Marc Chery stated: “STMicroelectronics now possesses strategic advantages, enabling it to benefit from new artificial intelligence-driven projects by leveraging its expertise to support the evolving artificial intelligence infrastructure. The company confirms that data center business revenue will significantly exceed $500 million in 2026 and will far surpass $1 billion in 2027.”