STMicroelectronics’ beats on results and guidance boost shares

STMicroelectronics reported first-quarter results above market expectations on Thursday, pointing to signs of recovery in its key semiconductor markets, and forecast further growth ‌in ⁠the second ⁠quarter.

The Franco-Italian chipmaker’s shares rose by up to 10% in early trading, before easing to 8.5% by 0800 GMT.

“In Q1, despite the macroeconomic uncertainty, we saw improving demand with strong booking and normalized inventory in distribution,” CEO Jean-Marc Chery said in ⁠a statement.