2024-02-20 06:47:00 ET
Summary
- STMicroelectronics reported slightly below projected revenue growth and gross margin due to softer growth in the automotive segment.
- The company projects significant growth in their automotive silicon carbide business, with revenue expected to reach $1.5-$1.6 billion in FY24 and $2 billion in FY25.
- STM anticipates challenges in the industrial sector, with an end-market inventory correction and projected decline in industrial market growth in FY24.
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STMicroelectronics: FY24 Would Be A Transition Year