PARIS, July 26 (Reuters) - STMicroelectronics said on Wednesday it was "well-positioned" to achieve its second-half financial targets, after reporting a 13 percent jump of its quarterly net revenues from a year ago.
Second-quarter net revenues stood at $1.92 billion, reflecting a gross margin of 38.3 percent, above the company's guidance, the Franco-Italian chipmaker said in a statement.
The Geneva-based company, which has cut jobs and reorganized itself last year, is benefiting from growing demand for sensors for smartphones, cars, and the devices related to the burgeoning so-called "Internet of Things" (IoT) sector of internet-connected machinery and household devices that are able to collect and exchange data using embedded sensors.
"We continue to capture opportunities both with products developed in our automotive and discrete group, as well as from the rest of our organization which fit the needs of our automotive customers," Chief Executive Officer Carlo Bozotti said.
Bozotti said it expected third-quarter revenues to grow by about 9 percent from the previous quarter, plus or minus 3.5 percentage points.
These expected results mean that STMicro is "well-positionned to reach the short-term financial targets" outlined for the second-half of 2017, he said.
These targets include a full-year revenue increase between 12.5 and 15.5 percent to around $8 billion and 10 percent operating margin in second-half.
STMicro extended in April the Bozotti's contract as CEO by a year and lined up its operations chief, Jean-Marc Chery, to succeed him. (Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta)