STMicroelectronics' Guidance Cut Is Bigger Than Expected -- Market Talk

Dow Jones04-25

0652 GMT - STMicroelectronics cut its revenue and margin forecasts for the year more than the market had anticipated, Citi analysts write. The European chip maker expects revenue of $14 billion to $15 billion in 2024 compared with a previous range of $15.9 billion to $16.9 billion. Its gross margin is now forecast in the low 40s compared with the previously expected low to mid-40s. "Expectations had been declining into results, but this is a major cut to 2024," the analysts say. STMicroelectronics is grappling with a slowdown in demand for chips in the automotive sector. (mauro.orru@wsj.com)

(END) Dow Jones Newswires

April 25, 2024 02:52 ET (06:52 GMT)

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