PARIS :French-Italian chipmaker STMicroelectronics said on Thursday it planned to double its investments in 2022 from a year ago to up to $3.6 billion, buoyed by high demand that drove its earnings to beat expectations in the fourth quarter.
The Geneva-based company said it planned to spend between $3.4 billion and $3.6 billion in capital expenditures this year, compared with $1.8 billion in 2021. STMicro, whose biggest clients include electric carmaker Tesla and iPhone maker Apple, expects full-year net revenues in the range of $14.8 billion to $15.3 billion in 2022, a 20per cent annual growth at the top of the forecast.
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