STMicroelectronics CEO Says $18 Billion Revenue Target Achievable by FY28

08:30 AM EDT, 07/23/2026 (MT Newswires) -- STMicroelectronics (STMMI.MI, STMPA.PA) on Thursday confirmed the company's ambition to reach over $20 billion in revenue by 2030, including its intermediate revenue target by 2028. "We confirm the company, with the current business dynamic we have seen and assuming no external factors that could disrupt it, that $18 billion revenue for ST is achievable by 2028, and clearly this milestone achieved will reinforce our ambition to reach $20 billion by 2030," Chief Executive Officer Jean-Marc Chery said in a media call for its second-quarter results. The CEO also reaffirmed the company's goal of reaching well above $3 billion in cumulative revenue over the 2026 to 2028 period for its low earth orbit, or LEO, satellite business. The European semiconductor manufacturer reported a 26% year-over-year jump in net revenue to $3.49 billion in the quarter ended June 27, 2026, amid strong demand in artificial intelligence datacenters. Looking ahead, the company forecasts net revenue of $3.70 billion in the third quarter, up 16.2% on an annual basis, plus or minus 350 basis points. The projection, however, sits below the FactSet consensus estimate of $3.75 billion. When asked during the call about the company's take on the market reaction following its results, Chery noted that the seasonality in personal electronics in 2026 is different compared with the previous years. "That could, let's say, mitigate some perception. More than that, I cannot comment on the share price evolution," the CEO said.