STMicroelectronics Lowers 2024 Revenue Forecast Amid Weak Automotive Demand

The chipmaker's Q2 earnings fell sharply, prompting a second reduction in its annual outlook.

Q2 revenue dropped to $3.232 billion, a 25.3% decline year-on-year.
Net income plummeted 64% to $353 million, impacted by reduced orders.
Full-year revenue guidance cut to $13.2-$13.7 billion from an earlier $14-$15 billion.
Automotive and industrial sectors showed weaker-than-expected demand.
Shares fell 10.5%, marking the worst trading day in over three years.