STMicroelectronics Reports 2024 First Quarter Financial Results
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STMicroelectronics cuts outlook as slower demand causes Q1 miss
April 25, 2024 5:03 AM EDTSTMicroelectronics (NYSE: STM) reduced its sales outlook for fiscal 2024 after posting a decline in Q1 revenue and net profit.
Despite this, the companys shares rose 1.7% in premarket trading Thursday.
Earnings per share (EPS) for the quarter were reported at $0.54, missing the consensus estimate $0.63.
STMicro reported a Q1 revenue drop of 18% to $3.47 billion, below the $3.64 billion anticipated by analysts. Net profit also fell, halving from $1.04 billion to $513 million.... More
