European chipmaker STMicroelectronics, a leading supplier to automotive, laptop, and smartphone companies, has announced a reduction in its sales forecast for the full year. The adjustment reflects a widespread decline in demand within the semiconductor industry.
STMicroelectronics’ revised sales guidance now falls within a range of $14 billion to $15 billion for 2024, a notable decrease from the previously anticipated range of $15.9 billion to $16.9 billion. This adjustment follows a poll conducted by LSEG, which indicated that analysts had projected revenue of $16.1 billion for the year.
The downward revision highlights the broader challenges facing the semiconductor industry, as weakening demand from automotive manufacturers and a further decline in orders from laptop and phone companies continue to impact the market. STMicroelectronics’ diverse client base, which includes prominent companies like Tesla and Apple, reflects the widespread impact of these trends across the industry.
