STMicro Shares Fall Most in Four Years on Lowered Sales Forecast
- Sales this year will fall to $13.2 billion to $13.7 billion
- CEO: Customer orders for industrial business didn’t improve
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Shares of STMicroelectronics NV suffered their largest intraday loss in four years after the company cut its annual revenue outlook, blaming depressed demand on an inventory glut and lower sales to carmakers.
Sales this year will fall somewhere between $13.2 billion and $13.7 billion, the Franco-Italian semiconductor company said in a statement on Thursday. That’s down from a previous range of $14 billion to $15 billion. In January, the chip manufacturer forecast annual revenue of as much as $16.9 billion.