Summary by Moomoo AI
STMicroelectronics reported H1 2024 revenues of $6.70 billion, down 21.9% YoY, with decreases across all segments. Net profit fell to $1.13 billion from $1.73 billion in H1 2023. Gross margin declined to 38.7% from 47.4% last year.By segment, AM&S revenues decreased 11.6%, P&D 17.4%, MCU 40.3%, and D&RF 5.1%. The decline was attributed to a 13% drop in average selling prices and 9% lower volumes. Free cash flow was $25 million, down from $416 million in H1 2023.For full-year 2024, STMicroelectronics now expects revenues between $13.2-13.7 billion. The company plans net capital expenditures of about $2.5 billion, focusing on strategic manufacturing initiatives including silicon carbide capacity expansion.