We recently published Double-Digit Disaster: 10 Big Names Fall Off the Cliff. STMicroelectronics N.V. is one of the worst-performing stocks on Thursday.
STMicroelectronics fell by 15.86 percent on Thursday to close at $26.73 apiece as investor sentiment was weighed down by a dismal earnings performance and weak industry outlook amid tariff uncertainties.
In its earnings release, STMicroelectronics N.V. said it swung to a net loss of $97 million in the second quarter of the year from a $353 million net income in the same period last year.
Net revenues were also lower by 14.4 percent at $2.766 billion from $3.232 billion year-on-year.
Looking ahead, STMicroelectronics N.V. remained cautious about its business outlook for the rest of the year, with revenues for the current quarter expected to decrease by 2.5 percent year-on-year to $3.17 billion, but increase by 14.6 percent on a sequential basis.
Photo by Vishnu Mohanan on Unsplash
“While we expect Q3 revenues to show a solid sequential growth … we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost base,” said STMicroelectronics N.V. President and CEO Jean-Marc Chery.
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