STMicroelectronics has reported Q1 2016 sales slightly below estimates and EPS below consensus. The group has posted Q1 sales of USD1.613bn, down 3.3% seq., with a gross margin stable at 33.4% and EPS of -USD0.05, below consensus expectations (cons. USD0.00, BG ests. -USD0.02). Q2 2016 guidance is broadly in line with estimates with revenues set to rebound 5.5% (+/- 350bp) sequentially, i.e. sales close to USD1.702bn, while current forecasts were for USD1.710bn (BG ests. USD1,702m).
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