STMicro: pessimistic about annual targets

(CercleFinance.com) - STMicroelectronics says it is targeting sales of around $13.
27 billion in 2024, down 23.2%, at the lower end of the range indicated in the previous quarter, and a gross margin 'slightly below what had been indicated'.

For its third quarter, the semiconductor manufacturer posted EPS down 68.1% to $0.37 and a gross margin down 9.8 points to 37.8%, on net sales down 26.6% to $3.25 billion.

Compared with our expectations, our sales were higher in personal electronics, fell less than expected in industrial and were lower in automotive," says Chairman and CEO Jean-Marc Chéry.

STMicro also announces the launch of a 'new corporate project to reshape its industrial footprint, accelerating production capacities in silicon to 300 mm and in silicon carbide to 200 mm, and resizing its global cost base'.

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