STMicroelectronics (STM) - Get Report hit a nine-year high Thursday after the supplier of semiconductors to major electronics players including Apple (AAPL) - Get Report and Bosch (BSWQY) posted better-than-expected earnings on solid revenue growth and improved manufacturing.

The Geneva, Switzerland-based company reported net income of $112 million, or $0.13 a share, on sales of $1.86 billion for the three months ending in December, up from a year-earlier tally of $2 million and $1.67 billion respectively. Profit beat the analyst consensus of €99 million ($106 million), while sales were in line with the estimate of €1.73 billion.

STMicroelectronics shares jumped 8.2% to €12.12 at 8:40 a.m. GMT, the highest in nearly a decade, extending their three-month gain to 65.2%.

The chipmaker attributed the profit surge partly to improved manufacturing efficiencies as well as improved product mix. These resulted in gross margin advancing to 37.5% from 33.5% over the past year.

Top line growth also contributed. Sales was the strongest in the analog and MEMS group segment, up 17.8% year on year, partly thanks to greater market share for smartphone and wearbles products and strong demand for automotive and industrial products. The automotive and discrete group segment also enjoyed strength, up 12.5%, partly thanks to design wins for various vehicle products.

Shipment advanced 18.2% for Asia and 5.7% for Europe, the Middle East and Africa, but dropped 2.8% for the Americas.

The company expects the strong momentum to continue in 2017.

"Based on market forecasts, a positive booking trend, and a strong point-of-sales performance at our distributors, we see the momentum of the second half of 2016 to continue entering 2017," said CEO Carlo Bozotti, adding that he expects a 12.5% year on year revenue growth in the first quarter.

The company expect to invest as much as $1.1 billion in 2017, with focus on boosting 300mm front-end manufacturing and in back-end assembly and text for new products.

STMicroelectronics' major customers also include Cisco Systems (CSCO) - Get Report, Delta (DAL) - Get Report, HP (HPQ) - Get Report, Seagate (STX) - Get ReportandWesternDigital (WDC) - Get Report, according to its filing to the Securities and Exchange Commission.

(Cisco Systems and Apple are held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings here.)