- STMicroelectronics NV (NYSE: STM) reported first-quarter FY23 revenue growth of 19.8% year-on-year to $4.25 billion, beating the consensus of $4.13 billion.
- Sales to OEMs increased by 17.5% Y/Y, and Distribution sales improved by 24.0% Y/Y.
- Automotive and Discrete Group (ADG) revenue rose 43.9% Y/Y to $1.81 billion. Analog, MEMS, and Sensors Group (AMS) revenue changed by (0.9)% Y/Y to $1.07 billion. Microcontrollers and Digital ICs Group (MDG) revenue grew 13.2% Y/Y to $1.37 billion.
- Margins: The gross margin expanded by 300 bps to 49.7%. Improved product mix and favorable pricing drove the margin.
- The operating margin expanded by 360 bps to 28.3%.
- EPS of $1.10 beat the consensus of $0.99.
- STMicroelectronics generated $206 million in free cash flow and held $4.52 billion in cash and equivalents.
- Outlook: STMicroelectronics sees Q2 revenue of $4.28 billion, up by 0.8% Q/Q, plus or minus 350 bps.
- The company sees a Q2 gross margin of 49.0%, plus or minus 200 bps.
- STMicroelectronics revises FY23 revenues outlook to $17.0 billion – $17.8 billion, up from the prior $16.8 billion – $17.8 billion (consensus $16.28 billion).
- Price Action: STM shares closed higher by 2.53% at $46.28 on Wednesday.
Genius Group FY23 EPS $(0.10) Up From $(2.47) YoY; Revenue $23.1M Up From $18.2M YoY
Audited Financial Results
The audited financial results are for the seven companies within Genius Group (excluding the FatBrain AI and pending OpenExO transactions completed and to be completed in 2024) and including nine months of Entrepreneur Resorts Ltd prior to its spin off in October 2023.
