STMicroelectronics N.V. (NYSE: STM) reported Q1 EPS of $0.26, in-line with the analyst estimate of $0.26. Revenue for the quarter came in at $2.23 billion versus the consensus estimate of $2.23 billion.

Second Quarter 2018 Business Outlook

The Company expects second quarter 2018 revenues to increase about 1.5% on a sequential basis, plus or minus 3.5 percentage points. Gross margin in the second quarter is expected to be about 40.0% plus or minus 2.0 percentage points.

Mr. Bozotti commented, "Despite the weak demand we are experiencing for smartphones in the first half of 2018, we anticipate second quarter and first half revenues to grow year-over-year about 17.5% and 19.8%, respectively, at the mid-point of our guidance range. This will be driven by the continued better than seasonal sales trends in Automotive, Industrial and Internet of Things applications.

"For the second half of the year, we see healthy demand, with a strong backlog across all our product groups, end markets, including smartphones, and regions."

This outlook is based on an assumed effective currency exchange rate of approximately $1

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