We recently published 10 Stocks Slump Amid Wall Street Cheer; 2 Hit Rock Bottom. STMicroelectronics NV is one of the worst performers on Thursday.
STMicroelectronics fell by 13.26 percent on Thursday to close at $25.26 apiece after reporting a disappointing earnings performance in the third quarter of the year.
In its financial statement, STMicroelectronics NV said net income dropped by 32.3 percent to $237 million from $351 million in the same period last year.
Net revenues also dipped by 2 percent to $3.187 billion from $3.25 billion year-on-year, but was slightly above the mid-point of the company’s expectations.
Joao Virissimo/Shutterstock.com
Looking ahead, STMicroelectronics NV President and CEO Jean-Marc Chery said the company is targeting to hit $11.75 billion in full-year 2025 revenues, with $3.28 billion in the fourth quarter alone.
“Our strategic priorities remain clear: accelerating innovation; executing our company-wide program to reshape our manufacturing footprint and resize our global cost base,” Chery said.
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This article is originally published at Insider Monkey.
