Actionable news
All posts from Actionable news
Actionable news in STM: STMICROELECTRONICS N.V.,

Apple Supplier STM Aims to Bolster Flagship Smartphones Business, CEO Says

STMicroelecronics (STM) , a supplier of semiconductors to major tech players such as Apple (AAPL) , Cisco Systems (CSCO) , and Samsung Electronics (SSNLF) wants to be "more present" in flagship smartphones, CEO Carlo Bozotti said.

While the outlook for the smartphone market is not as straightforward as the automotive market, from which the company expects to reap benefits "for several years," Bozotti told TheStreet he wants to grab the opportunities that lie in an area where giants such as Apple, Samsung, and China's Huawei compete, but where smaller players are also gaining presence.

"The [smartphone] market may be a little bit volatile but it is huge volume," Bozotti said, adding that he wants to gain more market share there. "The volume is so important, we want to be more present particularly in flagship models... We want more ST [STMicroelectronics] content in flagship phones, this is our objective."

Flagship models might include Apple's iPhone 7, Samsung's Galaxy S7, and Huawei's P9, although the company did not specify any particular brand.

Bozotti's comments come after the Geneva, Switzerland-based company said it expects fourth-quarter revenue to advance by a greater-than-expected 3.2% quarter on quarter, because of smartphone, automotive and industrial growth. The company's growth estimate compares with the 0.6% estimated by a consensus of 27 analysts compiled by FactSet.

The company reported third-quarter results before the markets opened on Thursday.

STMicroelecronics shares jumped nearly 10% in Paris. The stock has advanced...