STMicroelectronics shares fell due to lower demand for chips in China

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Franco-Italian chip maker STMicroelectronics, which supply Apple and Tesla, increased its operating profit by 38% in the third quarter to $398 million, finversia.ru writes, citing company reporting. Net quarterly revenue was $2 billion 520 million, up 11.2%. Nevertheless, the company's message about the decline in demand for its products in China caused a decline in the company's shares by 8.6% to 13:01 Moscow time. According to the company's estimates, in 2018 its revenue will grow by about 16%, and it expects to complete the fourth quarter with revenue growth of 5.7%.

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