STMicroelectronics lowers full-year revenue and profit margin forecast for second time due to weak industrial and auto demand.
Franco-Italian chipmaker STMicroelectronics has lowered its full-year revenue and profit margin forecast for the second time this year, citing weakening industrial demand and decreased automotive demand. The company now expects revenue between $13.2bn and $13.7bn, down from a previous forecast of $14bn to $15bn, and anticipates margins to be around 40%, compared to a previous estimate of "low 40s". STMicroelectronics supplies chips to Tesla and Apple.
July 25, 2024
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