PARIS: Franco-Italian chipmaker STMicroelectronics said it is hoping for over US$20 billion in annual sales by 2027 at the latest, sending its shares higher as investors welcomed the prospect of prolonged growth underpinned by the digitalisation of the economy.
The semi-conductor industry is running at full steam to the point that it recently hit bottlenecks that affected the output of major carmakers. The electrification of the car industry, new mobile networks and a boom in cloud services are beefing up orders for the group's chips, it said. STMicro's shares were up by about 3 per cent at 9.12am GMT , topping France's blue-chip index CAC 40.
Source: Financial Digest (financialdigest.net)
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