ST(US:STM) Prnewswireยท2024-07-25 23:36Core Viewpoint - STMicroelectronics N.V. has revised its revenue and margin projections for 2024 downward for the second time this fiscal year, indicating potential issues in its business performance and raising concerns about possible securities fraud or unlawful practices by the company and its executives [2][1]. Financial Performance - For the full year 2024, STMicroelectronics now anticipates total revenue to be between $13.2 billion and $13.7 billion, a significant reduction from the previous forecast of $14 billion to $15 billion [2]. - In January 2024, during the fourth quarter earnings call, the company had projected revenues for 2024 to be between $15.9 billion and $16.9 billion, highlighting a drastic change in expectations [2]. - The second quarter revenue for 2024 was reported at $3.23 billion, reflecting a year-over-year decline of 25.3% [2]. - Net sales to original equipment manufacturers decreased by 14.9% year-over-year, while sales through distribution channels saw a decline of 43.7% year-over-year [2]. Market Reaction - Following the announcement of the revised projections, STMicroelectronics' stock price fell by $6.07 per share, or 15.35%, closing at $33.47 per share on July 25, 2024 [3].