STMicroelectronics N.V. (NYSE:STM) Q3 2023 Results Conference Call October 26, 2023 3:30 AM ET

Company Participants

Celine Berthier - Head of Investor Relations

Jean-Marc Chery - President and Chief Executive Officer

Lorenzo Grandi - Chief Financial Officer

Marco Cassis - President of Analog, MEMS and Sensors Group and Head of STMicroelectronics' Strategy, System Research and Applications, Innovation Office

Conference Call Participants

Didier Scemama - Bank of America

Andrew Gardiner - Citi

Joshua Buchalter - TD Cowen

Sandeep Deshpande - JP Morgan

Aleksander Peterc - Societe Generale

Francois Bouvignies - UBS

Stephane Houri - ODDO BHF

Jerome Ramel - BNP Paribas Exane

Simon Coles - Barclays

Operator

Ladies and gentlemen, welcome to the STMicroelectronics Q3 2023 Earnings Results Conference Call and Live Webcast. I'm Andre, the Chorus Call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. [Operator Instructions]

At this time, it's my pleasure to hand over to, Celine Berthier, Head of Investor Relations. Please go ahead, madam.

Celine Berthier

Thank you, Andre. Good morning and thank you, everyone, for joining our third quarter 2023 financial results conference call. Hosting the call today is Jean-Marc Chery, ST's President and Chief Executive Officer. Joining Jean-Marc on the call today are Lorenzo Grandi, our Chief Financial Officer; and Marco Cassis, President of Analog, MEMS and Sensors Group and Head of STMicroelectronics' Strategy, System Research and Applications, Innovation Office.

The live webcast and presentation materials can be accessed on ST's Investor Relations website. The replay will be available shortly after the conclusion of this call. This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans.

We encourage you to review the safe harbor statement contained in the press release that was issued with the results this morning and also in ST's most recent regulatory filings or a full description of these risk factors. Also to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to one question and a brief follow-up.

And now, I'd like to turn the call over to Jean-Marc, ST's President and CEO.

Jean-Marc Chery

Thank you, Celine. Good morning, everyone, and thank you for joining ST for our Q3 2023 earnings conference call. Let me begin with some opening comments, starting with Q3. For third quarter net revenues of $4.43 billion came in above the midpoint of our business outlook range, and Q3 gross margin of 47.6% was 10 basis points above guidance. Q3 net revenues increased 2.5% year-over-year. As expected, the revenue performance was driven mainly by continued growth in automotive, partially offset by lower revenues in Personal Electronics.