STMicroelectronics Q2 Net Income Declines; Net Revenues Down 25.3%

(RTTNews) - STMicroelectronics N.V. (STM) reported second quarter net income of $353 million, down 64.8% from a year ago. Earnings per share was $0.38 compared to $1.06. Net revenues were $3.23 billion, down 25.3% from last year.

At the mid-point, for the 2024 third quarter, the company expects: net revenues to be $3.25 billion, an increase of 0.6% sequentially, plus or minus 350 basis points; and gross margin of 38%, plus or minus 200 basis points.

"We will now drive the company based on a plan for FY24 revenues in the range of $13.2 billion to $13.7 billion. Within this plan, we expect a gross margin of about 40%," said Jean-Marc Chery, ST President & CEO.

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