Apple’s new iPhones are helping STMicroelectronics to raise 4Q revenue above estimates at $2.99 billion, as demand for new Apple products is helping semiconductors to resume growth.
A state-of-the-art LiDAR Scanner means iPhone 12 Pro and iPhone 12 Pro Max users can experience AR like never before, and also offers benefits to the camera with faster autofocus in low light and the introduction of Night mode portraits.
“It is clear that Apple is playing an important role in our capability to grow 4Q versus 3Q. STMicro has a nice content in the new platforms that’s the reason why it contributes to our new guidance in 4Q,” President & CEO Jean-Marc Chery told Bloomberg Television.
Bloomberg consensus for the fourth quarter was $2.75 billion, in a range of $2.67 billion to $2.87 billion. Fourth quarter gross margin stood at 38.5%, estimate 37.4%.
STMicroelectronics, along with Qualcomm, Broadcom, are likely principal beneficiaries from the new iPhone 12. LIDAR and Time-of-Flight camera technology in Apple’s iPhone 12 drives sales in STMicro’s AMS unit, according to Bloomberg Intelligence.
Chery says “better than expected market conditions throughout the quarter” boosted results, a trend that will continue in the final quarter. He tells analysts that the market will be growing again in 2021.
MacDailyNews Take: Along with good financial news from LG Display today, it’s clear once again that iPhone is an engine of growth for not only Apple, but suppliers, too.