What happened Shares of STMicroelectronics (NYSE: STM) climbed 17.7% in July, according to data from S&P Global Market Intelligence, as investors grew more optimistic that the company would deliver strong second-quarter results -- which it did. So what STMicroelectronics rebounded in July after seeing its stock price fall nearly 13% in June on analysts' worries that tech stocks may be overdue for a correction. But the company's investors took a more optimistic outlook last month as they pushed STMicroelectronics up about 12% in the weeks ahead of its second quarter results, and another 5% after earnings were reported. Image source: Getty Images. Investors were happy to see revenue in the second quarter increase by 12.9% year over year, to $1.92 billion, and gross margins improve from 33.9% in the year ago quarter to 38.3%. The global semiconductor leader also made some modest gains in its largest revenue segment -- the Automotive and Discrete Group -- with revenue increasing by 4.7% year over year to $755 million. STMicroelectronics managed to meet analysts' consensus estimate of $0.17 earnings per share (EPS), with $151 million in net income. Now what The company's share price is up a staggering 30% over the past 12 months, and investors could be in for more growth in the coming quarters. STMicroelectronics' CEO Carlo Bozotti said in a press release that, "Based on current booking activity and visibility on our anticipated key new program, we expect third quarter revenues to increase about 9% on a sequential basis, representing year-over-year growth of about 16.6% at the mid-point of our guidance range." Management also expects another quarter of gross margin expansion, to about 39%. All of those positives bode well for STMicroelectronics' continued prospects over the near-term. 10 stocks we like better than STMicroelectronicsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and STMicroelectronics wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of August 1, 2017Chris Neiger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.