STM 12 billion annual sales target is postponing a year

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Franco-Italian chipmaker STMicroelectronics is postponing its $12 billion annual sales target by a year to 2023, Chief Executive Jean-Marc Chery said on Wednesday.

The Geneva-based company also expects the group to generate a yearly operating margin of between 15% and 17% by 2023, Chery told investors during the company’s capital markets day.

The group aimed to be carbon neutral by 2027, Chery said.