STMicro: pessimistic about its annual targets
(CercleFinance.com) - STMicroelectronics said it is targeting sales of around $13.
27bn in 2024, down 23.2%, at the lower end of the range indicated in the previous quarter, as well as a gross margin slightly below what had been indicated.
For Q3, the semiconductor manufacturer posted EPS down 68.1% to $0.37 and a gross margin that fell 9.8 points to 37.8% on net sales down 26.6% at $3.25bn.
Compared with our expectations, our sales were higher in personal electronics, fell less than expected in industrial applications and were lower in automotive applications, its chairman and CEO Jean-Marc Chéry said.
STMicro also announced the launch of a new business project to reshape its industrial footprint, accelerating production capacity in silicon to 300mm and in silicon carbide to 200mm, and resizing its global cost base.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
27bn in 2024, down 23.2%, at the lower end of the range indicated in the previous quarter, as well as a gross margin slightly below what had been indicated.
For Q3, the semiconductor manufacturer posted EPS down 68.1% to $0.37 and a gross margin that fell 9.8 points to 37.8% on net sales down 26.6% at $3.25bn.
Compared with our expectations, our sales were higher in personal electronics, fell less than expected in industrial applications and were lower in automotive applications, its chairman and CEO Jean-Marc Chéry said.
STMicro also announced the launch of a new business project to reshape its industrial footprint, accelerating production capacity in silicon to 300mm and in silicon carbide to 200mm, and resizing its global cost base.
Copyright (c) 2024 CercleFinance.com. All rights reserved.