ST Q1 net revenues up 40 percent from last year

According to ST, all regions and market segments posted double digit revenues growth. Delivering the strongest regional results were Greater China-South Asia and America with revenues rising 60% and 49%, respectively. President and ceo Carlo Bozotti (pictured) said: "The company's automotive and computer market segments posted impressive results and were up sharply with 61% and 59% growth, respectively. Sequentially, consumer, industrial and automotive were the best performers." Bozotti said the increase was due to ST's focus on reshaping its product portfolio and improving the efficiency of its operations. He added: "Turning to the second quarter, based upon our current assessment of demand and backlog, revenues should show a solid progression driven by IMS and ACCI. We expect, therefore, to see sequential revenues growth of between 6% and 12%, which equates to solid growth of 24% to 31% when compared to the year over year period."