STMicroelectronics Forecasts Revenue Growth Amid Wireless Losses
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STMicroelectronics NV, Intel Corp.’s biggest competitor in Europe, forecast new products and chip demand will boost sales in the second half as it winds down a wireless venture with Ericsson AB that has contributed to six consecutive quarterly losses.
Europe’s biggest chipmaker predicted second-quarter sales growth of about 7 percent, excluding the wireless business. The projection “seems to be ahead of analog peers and implies share gains,” Bank of America Merrill Lynch analysts led by Didier Scemama wrote in a note to clients.