Stmicroelectronics N.V. (STM) has released an update.
STMicroelectronics N.V. reported a year-over-year decline in first-quarter 2024 revenues, with net income falling by 50.9% to $513 million. The company saw a decrease in demand within the Automotive and Industrial sectors, contributing to reduced net revenues of $3.47 billion and a gross margin of 41.7%. Looking ahead, STMicroelectronics forecasts a continued revenue decline in Q2 and maintains a capital expenditure plan of approximately $2.5 billion focused on strategic manufacturing initiatives.
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