(Reuters) -STMicroelectronics, Europe’s largest chipmaker by revenue, on Thursday said its full-year revenue would come at the low end of its earlier guidance range, its third cut to the outlook this year.
The company, whose clients include Tesla and Apple, said it expected to post annual revenue of $13.27 billion, against its previous forecast of $13.2 billion to $13.7 billion, last lowered in July.
“Based on our current customer order backlog and demand visibility, we anticipate a revenue decline between Q4 2024 and Q1 2025 well above normal seasonality,” the company said in a statement.
Automotive semiconductor companies like STMicroelectronics, Texas Instruments and Melexis are facing weakness in industrial markets as customers cut orders amid high inventories due to falling car demand.
Analysts polled by LSEG were expecting revenue of $13.26 billion for the full year.
(Reporting by Nathan Vifflin in Gdansk; editing by Milla Nissi)
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