STMicro Cuts FY Revenue Outlook As Slowing Car Demand Bites

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STMicro Cuts FY Revenue Outlook As Slowing Car Demand Bites

Reuters04-25

April 25 (Reuters) - European chipmaker STMicroelectronics on Thursday lowered its full-year sales guidance, the latest semiconductor company to struggle with weakening demand from carmakers and a further decline in orders from laptop and phone companies.

The company, whose clients include Tesla and Apple, said it expects revenue in the range of $14 billion to $15 billion for 2024, down from its previous forecast range of $15.9 billion to $16.9 billion.

Analysts polled by LSEG were expecting revenue of $16.1 billion for the year.

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