ST(US:STM) Prnewswireยท2024-10-07 09:45Core Insights - STMicroelectronics disclosed a downward revision of its full-year revenue and margin projections for 2024, now expecting total revenue to be between $13.2 billion and $13.7 billion, down from a previous forecast of $14 billion to $15 billion [1] - The company had initially projected revenues for 2024 to range between $15.9 billion and $16.9 billion during its fourth-quarter 2023 earnings call [1] - For the second quarter of 2024, STMicroelectronics reported a revenue decline of 25.3% year-over-year, totaling $3.23 billion [1] - Net sales to Original Equipment Manufacturers (OEMs) and through Distribution channels decreased by 14.9% and 43.7% year-over-year, respectively [1] - Following the announcement, STMicroelectronics' stock dropped over 13% in pre-market trading on July 25, 2024 [1] Shareholder Information - Shareholders who purchased shares of STMicroelectronics during the class period from January 25, 2024, to July 24, 2024, are encouraged to contact the Gross Law Firm regarding possible lead plaintiff appointment [1][2] - The deadline for shareholders to seek lead plaintiff status is October 22, 2024 [2] - Once registered, shareholders will be enrolled in a portfolio monitoring software to receive status updates throughout the lifecycle of the case [2]