STMicroelectronics posts higher Q2 sales helped by automotive demand

FILE PHOTO: The logo of electronics and semiconductors manufacturer STMIcroelectronics is seen outside a company building in Montrouge, near Paris, France, July 12, 2022. REUTERS/Sarah Meyssonnier/file photo

(Reuters) -European chipmaker STMicroelectronics on Thursday projected improvement in third-quarter sales as it slightly beat market expectations for the second quarter, defying earlier downbeat statements by some of its peers.

STM said it expects third-quarter net revenues of $4.38 billion, a touch above the $4.32 billion it posted in the third quarter last year.