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STmicro cheers the hi-tech sector

13 April 2012

FRENCH-ITALIAN chipmaker STmicroelectronics cheered the hi-tech sector today with a surge in third-quarter net profits to $131m (£84.7m) from $35.8m a year ago. Sales were up 17.5% $1.65bn. STmicro is forecasting a further 5% sales growth in the fourth quarter. Chief executive Pasquale Pistorio said the worst of the downturn was over and demand for silicon chips is recoversing, and surplus stocks are consumed.

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