Summary by Moomoo AI
STMicroelectronics reported H1 2024 revenues of $6.7 billion, down 21.9% YoY, with lower sales across all segments due to a 13% decrease in average selling prices and 9% lower volumes. Gross margin declined 870 basis points to 38.7% mainly due to unfavorable price/mix and higher unused capacity charges.Operating profit decreased to $941 million from $2.3 billion in H1 2023. Net profit attributable to shareholders was $1.1 billion ($1.24 per diluted share), compared to $1.7 billion ($1.90 per diluted share) in H1 2023. Free cash flow was $25 million versus $416 million last year.The company revised its 2024 revenue guidance to $13.2-13.7 billion. Key strategic initiatives include expanding silicon carbide capacity in Catania and Singapore, ramping up new 300mm wafer fab in Agrate, and investing in advanced packaging capabilities. Net capex plan for 2024 is about $2.5 billion.
