EarningsThe company reduced its FY2024 guidance to $13.2B-$13.7B, driven by a delayed recovery in Industrial and lower than expected recovery in Auto.
InventoryChannel inventory days remain at 20+ year high levels, and ST's own inventory days increased to the highest levels since at least 2000.
Sales PerformanceWeakening Auto demand, while Industrial orders did not improve as expected, resulting in a 7% cut to the 2024 guide.