STMicroelectronics Projects Reduced Annual Revenue as Automotive Chip Recovery Lags
European chipmaker STMicroelectronics reportedly expects lower annual revenue as the semiconductor recovery in automotive and industrial markets progresses slower than anticipated. The company’s net profit reportedly declined significantly amid ongoing market challenges.
Financial Performance Overview
STMicroelectronics, a key semiconductor supplier to automotive manufacturers including Tesla, has reportedly experienced a significant decline in profitability amid ongoing market challenges. According to reports, the company’s net profit slid to $237 million from $351 million a year earlier, reflecting the persistent pressures in the semiconductor sector.