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.


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