Chipmaker STMicro sees over 15% drop in Q1 sales after Q4 miss
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The logo of electronics and semiconductors manufacturer STMIcroelectronics is seen outside a company building in Montrouge, near Paris, France, July 12, 2022. REUTERS/Sarah Meyssonnier
(Reuters) - European chipmaker STMicroelectronics on Thursday said its first-quarter revenue would fall over 15% year-on-year, after fourth-quarter sales missed estimates on softer automotive growth and further deterioration in the industrial sector.
The company, whose clients include Tesla and Apple, forecast first-quarter revenue of $3.6 billion.
Fourth-quarter net revenue was $4.28 billion, below analysts' average estimate of $4.30 billion in an LSEG poll.
(Reporting by Michal Aleksandrowicz in Gdansk; editing by Milla Nissi)
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