NXP (NXPI) Q2 Earnings Meet, Dip Y/Y on Automotive Weakness
Stmicroelectronics once again lowers its revenue expectations for this year due to a decline in demand for auto chips.
STMicroelectronics has lowered its annual revenue forecast for the second time due to excess inventory and declining demand for automotive chips. In a statement on Thursday, the company stated that it expects sales to be between $13.2 billion and $13.7 billion this year, down from the previous estimate of $14 billion to $15 billion. This is the second time the company has lowered its revenue forecast for this year, with the initial forecast in January of $16.9 billion. The performance of global chip manufacturers in the second quarter was mixed. Texas Instruments stated that Chinese electronic product manufacturers are increasing orders again after dealing with their unused inventory. At the same time, Dutch chip maker NXP Semiconductors
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