STMicroelectronics NV announced on Thursday a cut in its revenue guidance for the full 2024 that currently stands at $13.2 billion to $13.7 billion, decreasing from $14 billion to $15 billion.
The move was known during the report of its earnings for the second quarter which also showed its gross margin stood at 40.1% compared to 49.0% in the same quarter of 2023. The largest European semiconductor manufacturer posted a net revenue decrease of 25.3% to land at $3.2 billion, while diluted earnings per share plummeted 64.2% to $0.38. Net income tumbled 64.8% to $353 million.
The Swiss-based technology company's customer pool includes brands such as Apple, Bosch, Continental, Tesla, SpaceX, Huawei, Hyundai Motor, HP and Samsung.
