Summary by Moomoo AI
STMicroelectronics reported Q3 2024 revenues of $3.25 billion, down 26.6% YoY, with gross margin declining to 37.8% from 47.6%. Operating income fell 69.3% to $381 million, while net income decreased to $351 million from $1.09 billion in Q3 2023. The decline was particularly pronounced in Microcontrollers segment, down 43.4% YoY due to continued weakness in Industrial market.The company announced a new manufacturing restructuring program to accelerate transition to 300mm Silicon and 200mm Silicon Carbide wafer capacity, while resizing global cost base. The program aims to deliver annual cost savings in high triple-digit millions by end of 2027. Q4 outlook projects revenues of $3.32 billion with 38% gross margin.Management expects revenue decline between Q4 2024 and Q1 2025 to be well above normal seasonality. Full year 2024 revenues are forecast at $13.27 billion, representing a 23.2% YoY decrease, at the low end of previous guidance range.
