By Mauro Orru

STMicroelectronics NV's guidance for the first quarter assumes the euro will average about $1.15 against the dollar, a lower rate than its assumption of roughly $1.18 for the previous quarter.

The euro currently trades at $1.1216.

STMicroelectronics expects first-quarter net revenue of $3.50 billion at the mid-point and a gross margin of about 45%, plus or minus 200 basis points.

"This outlook is based on an assumed effective currency exchange rate of approximately $1.15 = EUR1.00 for the 2022 first quarter and includes the impact of existing hedging contracts," the European chip maker said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

01-27-22 0242ET