St sinks on the stock market after the “black” accounts of the quarter. Chip demand drops
Thump for Stthe Italian-French company producing semiconductor electronic components, based in Agrate Brianza, which in Business Square (Ftse Mib -2%) slips to the bottom of the list marking a -12% at 32.68 euros. This morning, with the markets still closed, the company announced that it closed the second quarter with Profits and revenues downin both cases above consensus forecasts. In particular the useful for the period stood at 353 million dollars, down 64.8% while the revenues are equal to 3.232 billion (-25.3%). TheThe company also announced a cut in its 2024 revenue estimates. from 14-15 billion to 13.2-13.7 billion.
As he explains Radiocor, Jean-Marc CheryCEO of St, stressed that the company expects “intermediate values for the third quarter of 2024, Net revenues of 3.25 billion dollars, corresponding to a year-on-year decrease of 26.7% and an increase of 0.6% compared to the previous quarter”. The number one also underlined that “the gross margin is expected to be around 38%, with an impact of around 350 basis points from unutilization charges. We will now guide the company based on a 2024 revenue plan of between $13.2 billion and $13.7 billion. Under this plan, we expect a gross margin of around 40%.”