STMicro cuts FY revenue outlook as slowing car demand bites
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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/ File Photo
(Reuters) - 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.
(Reporting by Ozan Ergenay; Editing by Josephine Mason)
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