Sales for the last three months of 2021 increased by 11.2 per cent sequentially, coming in at $3.56 billion which was above a company forecast of $3.40 billion. Full year sales jumped by 24.9 per cent to $12.76 billion, also higher than STMicro's October 2021 forecast.

STMicroelectronics president and CEO Jean-Marc Chery said: "We ended the fourth quarter of 2021 with net revenues above the outlook range and gross margin at, or slightly above, the high-end of the outlook range, primarily due to better than anticipated operations in an ongoing dynamic market.”
"Our FY21 revenues reflect a strong performance across all the end markets we address and our engaged customer programs throughout the year", he added in a statement.

The global microchip shortage has forced automakers and electronics companies to cut production and bottlenecks in the chip industry are expected to affect output until 2023, several analysts have said.