July 31, 2024 /SemiMedia/ -- According to STMicroelectronics' latest financial report, its second-quarter revenue was $3.23 billion, a year-on-year decrease of 25%. In addition, affected by excess inventory and declining demand from automotive chip customers, the company lowered its revenue forecast for this year to $13.2 billion to $13.7 billion, which is lower than the previous forecast of $14 billion to $15 billion.

In terms of products, the revenue of the analog products, MEMS and AM&S decreased by 10.0% year-on-year, mainly due to the decline in performance of image sensors; revenue of microcontrollers decreased by 46.0% year-on-year in the second quarter.

Jean-Marc Chery, CEO of STMicroelectronics, said that lower-than-expected automotive revenue offset the company's consumer electronics sales growth. This quarter was contrary to previous expectations, with no improvement in industrial customer orders, a decline in automotive demand, and higher personal electronics-related sales.

Nevertheless, STMicroelectronics still hopes that electric vehicles will drive growth for the rest of the year. "I confirm that the second half of the year will be a growth driver for all ST electric vehicle-related components, especially silicon carbide," the CEO said.