STMicroelectronics (STM) reported a 26.6% year-over-year decline in net revenue for the third quarter, citing a softening market demand. Despite this, the company beat analyst expectations and announced a restructuring plan aimed at improving efficiency and boosting future growth. The company also provided a cautious outlook for the coming quarters.
STMicroelectronics and Qualcomm Technologies are joining forces to bring edge artificial intelligence to industrial and consumer IoT solutions. The collaboration will leverage Qualcomm’s AI-powered wireless connectivity with STMicroelectronics’ microcontroller ecosystem, paving the way for a wider adoption of AI in various applications.
European semiconductor manufacturer STMicroelectronics downgraded its sales outlook for the year citing dwindling demand from automotive, laptop, and phone sectors. The company reported lower-than-expected first-quarter results, with revenue falling 18% to $3.46 billion. STMicroelectronics’ cautionary outlook reflects the broader trend of challenges faced by the semiconductor industry due to reduced demand from automakers and a decline in orders from electronic device companies. Investors remain cautious amid economic uncertainties and rising geopolitical tensions.
European chip manufacturer STMicroelectronics has lowered its full-year sales guidance due to shrinking demand from automotive, laptop, and smartphone industries. The company, which counts Tesla and Apple among its customers, now expects revenue of $14 billion to $15 billion for 2024, significantly below its previous forecast of $15.9 billion to $16.9 billion.
