Phone chips pump up STMicro profits

STMicroelectronics has posted a profit hike of 16.5 per cent for the first quarter, thanks to surging auto and mobile phone chip demand. Sales rose 10.7 per cent to $1.11 billion. The French semiconductor maker today released profit figures of $105.1 million, or 72 cents a diluted share, compared with $90.2 million, or 65 cents a share, the previous year. Analysts polled by First Call had forecast profit of 69 cents a share, according to Bloomberg. The company also announced plans for a 2-for-1 stock split, effective from June 16, and the issue of 180 million preference shares to protect itself from a hostile takeover. ST’s share price has more than tripled since October. Today, the shares stand at just over $104. ® Videologic lands STMicroelectronics deal STMicro in beta with fastsys chips ST Microelectronic profits ease STMicroelectronics takes on Adaptec chippies