The company made a net income of $364 million, nearly double what it was a year before.
"All product groups contributed to this growth on continued acceleration of demand globally," said Jean-Marc Chery, CEO of STMicroelectronics, in a statement.
The Microcontrollers and Digital ICs group showed the strongest annual growth at 42.2 percent, followed by Automotive and Discrete Group at 38.4 percent. The seasonal Analog, MEMS & Sensors group was up 27.1 percent compared with the same quarter a year before.
"We will drive the company based on a plan for FY21 revenues of $12.1 billion, plus or minus $150 million, a year-over-year increase of 18.4 percent at the mid-point. This growth is expected to be driven by strong dynamics in all end markets we address and our engaged customer programs," Chery said.
As recently as December 2020 Chery had pushed the $12 billion annual revenue target back a year to 2023 but booming demand short supply is giving chip makers the chance to raise prices (see ST pushes back $12bn target, looks to $15bn ). At the beginning of the year NXP and ST was reportedly two of the companies raising chip prices by 10 to 20 percent (see Report: Chipmakers raising prices 10 to 20 percent ).
The company is expecting second quarter revenues of $2.9 billion at the mid-point, which would represent a 39 percent annual uplift over the weakness experienced in 2Q20.
"For 2021, we now plan to invest about $2.0 billion in capex to support the strong market demand and our strategic initiatives," Chery said.
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