STMicroelectronics Hits 9-Year High
The Apple supplier posts better-than-expected earnings
STMicroelectronics (STM) - Get Report has hit a 9-year high, as the Apple (AAPL) - Get Report supplier posted better-than-expected earnings.
The Swiss company reported net income of $112 million, as well as profits that beat the analyst consensus of $106 million. The chipmaker said the surge in profits was, in part, due to improved efficiencies.
STMicroelectronics said it expects this momentum to continue in 2017.
