STMicro Says Chip Sales Have Hit ‘Bottom’ And Will Improve
- Chipmaker says slower automotive demand hurt recent sales
- Full-year forecast lowered to $14 billion to $15 billion
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STMicroelectronics NV expects sales to carmakers will pick up at the end of the year, after a slump in demand from the sector hit the chipmaker’s revenue.
First-quarter revenue fell 18% year over year to $3.47 billion, the Franco-Italian semiconductor company said in a statement Thursday. That’s below STMicro’s own earlier forecast of a 15% decline and an estimate of $3.63 billion among analysts surveyed by Bloomberg.