STMicroelectronics Q1 2024 Earnings Results April 2024

STMicroelectronics reported Q1 2024 net revenues of $3.47B, down 18.4% year-over-year, with gross margin of 41.7% and operating margin of 15.9%. The company provided a revised FY2024 outlook of $14B-$15B in revenues, citing weaker-than-expected market conditions in Industrial and Automotive segments amid ongoing inventory correction.