Summary by Moomoo AI
STMicroelectronics reported Q3 2024 net revenues of $3.25B, down 26.6% YoY, with net income of $351M. Gross margin fell to 37.8% from 47.6% last year. The company expects Q4 revenues of $3.32B, down 22.4% YoY.For the first nine months of 2024, net revenues decreased 23.5% YoY across all segments, particularly in Microcontrollers due to Industrial market weakness. Full-year 2024 revenues are projected at $13.27B, a 23.2% YoY decline. ST anticipates Q1 2025 revenue to decline well above normal seasonality.ST is launching a company-wide program to reshape its manufacturing footprint, accelerating 300mm Silicon and 200mm Silicon Carbide capacity while resizing its global cost base. This program aims to strengthen revenue growth capability and improve operating efficiency, targeting annual cost savings in the high triple-digit million-dollar range by 2027.
