STMicroelectronics, a Franco-Italian semiconductor company, has revised its financial forecasts downward due to a significant slowdown in the automotive market, which has impacted demand for its chips. The company reported a decrease in first-quarter revenue of 18% year-over-year, totaling $3.47 billion, which fell short of the expected $3.63 billion. Additionally, STMicroelectronics anticipates a 26% drop in second-quarter sales to $3.2 billion, compared to the anticipated $3.79 billion. This adjustment reflects broader industry challenges, as noted by similar warnings from Taiwan chipmaker UMC about reduced demand in the automotive and industrial sectors.
$STM (+2.8% pre) STMicro cuts FY revenue outlook as softer car demand weighs https://t.co/Zj1xBZ2570
STMicroelectronics $STM cuts outlook as slower demand causes Q1 miss https://t.co/FaBISaQD6a https://t.co/WwLWA9Bv3A
Franco-Italian chip company STMicro reports Q1 revenue down 18% YoY to $3.47B, below $3.63B est., and expects Q2 sales down 26% YoY to $3.2B, below $3.79B est. (@deutschjill / Bloomberg) https://t.co/lJi4TsxLLG 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/vq6OVmrqri
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⚠️ STMICRO CUTS FY REVENUE OUTLOOK AS SLOWING CAR DEMAND BITES Full Story → https://t.co/fjMMfVCB85 European chipmaker STMicroelectronics on Thursday lowered its full-year sales guidance, the latest semiconductor company to struggle with weakening demand from carmakers and a… https://t.co/qcv0iOY1bo
Taiwan chipmaker UMC warns of muted auto, industrial demand https://t.co/ADVdxTsS3K https://t.co/DfTzON9iGL