Q4 net revenue 4.42 bln vs forecast 4.32 bln
Q4 diluted EPS 1.32 vs forecast 1.09
Sees 2023 revenue of 16.817.8 bln vs 202239;s 16.1 bln
Shares jump as much as 9 to oneyear high

LONDON, Jan 26 Reuters European chipmaker STMicroelectronics beat fourthquarter sales and earnings expectations on Thursday, as strong demand from automotive and industrial customers helped it cope with challenging economic conditions.

Shares in the company, whose clients include iPhone maker Apple and electric carmaker Tesla, jumped as much as 9 to a oneyear high of 43.10 euros as it hit its 2022 revenue target of 16.1 billion.

Citing strong demand and increased manufacturing capacity, CEO JeanMarc Chery said STMicro expected 2023 revenue of 16.8 billion to 17.8 billion putting it well on course for its target of 20 billion by 2027.

Rival Texas Instruments forecast firstquarter revenue and profit below Wall Street targets on Wednesday.

Good numbers across the board, said Paul Allison, an analyst at investment platform Finimize of STMicro39;s performance. But he warned demand from the automotive industry might stagnate in 2023.

The auto industry is strong, but it39;s hard to know how long that will last, he said. If we are heading into a recession, you39;d expect demand for cars to struggle, but personal electronics may see an upturn.

STMicro39;s net revenue rose to 4.42 billon in the fourth quarter from 4.32 billion the previous quarter. Analysts had on average expected sales of…