LONDON: European chipmaker STMicroelectronics (STM.DE) reported better-than-expected first-quarter results on Thursday.

The company’s revenue jumped 20% year-over-year to $4.25 billion in the quarter, outperforming analysts’ average estimate of $4.19 billion, according to IBES data from Refinitiv Eikon.

Citing a favorable business environment, CEO Jean-Marc Chery said the company was aiming for full-year revenue of $17 billion to $17.8 billion, keeping it on course for its target of $20 billion by 2027.

STMicroelectronics’s first-quarter earnings of $1.10 per share, also beat analysts’ average forecast of $0.99 per share, IBES data showed.

Net income rose about 40% year-over-year to $1.04 billion in the quarter.