STMicroelectronics forecasts 15% YoY revenue drop in Q1

European chipmaker STMicroelectronics on Thursday said its first-quarter revenue would fall over 15% year-on-year, after fourth-quarter sales missed estimates on softer automotive growth and further deterioration in the industrial sector.

The company, whose clients include Tesla and Apple, forecast first-quarter revenue of $3.6 billion.

Fourth-quarter net revenue was $4.28 billion, below analysts’ average estimate of $4.30 billion in an LSEG poll. Reuters