STMicroelectronics' Q3 Results Highlight Weak Automotive Demand, Gross Margin Squeeze: Details

STMicroelectronics N.V. (NYSE:STM) shares are trading lower on Thursday after the company reported net revenues of $3.25 billion, representing a year-over-year decrease of 26.6%, marginally beating the consensus of $3.247 billion.

The company stated that net revenues aligned with the midpoint of the company’s business outlook. Sales to OEMs decreased by 17.5%, and Distribution sales fell by 45.4%.

Analog products, MEMS, and Sensors (AM&S) segment revenue declined 13.3% to $1.185 billion, mainly due to a decreases in Imaging and in Analog. 

Power and Discrete products (P&D) segment revenue decreased 18.4% to $807 million. Microcontrollers (MCU) segment revenue fell 43.4% to $829 million, mainly due to a decrease in GP MCU.

Digital ICs and RF products (D&RF) segment revenue fell 29.7% to $426 million due to a decrease in ADAS. Revenue performance exceeded the company’s expectations in Personal Electronics, declined less than ...