As slowing car demand bites, ST Micro cuts FY revenue outlook

The company, whose clients include Tesla and Apple, said it expects revenue in the range of $14 billion to $15 billion for 2024, down from its previous forecast range of $15.9 billion to $16.9 billion. Analysts polled by LSEG were expecting revenue of $16.1 billion for the year.

European chipmaker STMicroelectronics on Thursday lowered its full-year sales guidance, the latest semiconductor company to struggle with weakening demand from carmakers and a further decline in orders from laptop and phone companies. The company, whose clients include Tesla and Apple , said it expects revenue in the range of $14 billion to $15 billion for 2024, down from its previous forecast range of $15.9 billion to $16.9 billion. Analysts polled by LSEG were expecting revenue of $16.1 billion for the year.