STMicroelectronics (STM) has released an update.
STMicroelectronics N.V. reported a decline in second-quarter 2024 financials, with net revenues of $3.23 billion and a net income of $353 million, reflecting year-over-year decreases of 25.3% and 64.8% respectively. Gross margin stood at 40.1%, and the company forecasts third-quarter revenues of $3.25 billion with a gross margin of 38%. Despite the downturn, STMicroelectronics continues to adjust its operations, completing a $1.04 billion share repurchase program and announcing a new buy-back plan of up to $1.1 billion.
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