PARIS (Reuters) – Franco-Italian chipmaker STMicroelectronics stated that fourth-quarter revenue was slightly more than guidance at the October end. This is in light of a worldwide microchip shortage.

For the third quarter of 2021 sales increased 11.2% consecutively to $3.56 Billion, exceeding the company’s prediction of $3.40 Billion. The full-year sales rose by 24.9% and reached $12.76 trillion, which was higher than the October 2021 STMicro forecast.

Jean-Marc Chery (STMicroelectronics CEO and president) stated, “We finished the fourth quarter in 2021 with net revenue above the outlookrange and gross margin at, slightly above, or slightly below, the high end of the outlookrange, primarily because of betterthanexpected operations in an continuing dynamic market”.

In a statement, he said: “Our FY21 Revenues (…) reflect strong performances across all the markets we address as well our engaged customer programmes throughout the year.”

Many analysts believe that production will be affected by the shortage in microchips worldwide.

STMicroelectronics shares, which are listed in Paris, have fallen 1.1% from the beginning of the year, after having gained 43% in 2021. The company will release its Q4 2021 earnings details on January 27.