芯片巨头，暴跌熔断
Zheng Quan Shi Bao·2025-10-23 14:01

Core Viewpoint - The semiconductor sector is facing significant challenges as STMicroelectronics (STM.N) reported disappointing earnings forecasts, leading to a sharp decline in its stock price, which fell over 10% on both the Paris and Milan stock exchanges [1][3]. Financial Performance - STMicroelectronics reported third-quarter revenue of $3.187 billion, a year-on-year decrease of 2% but a quarter-on-quarter increase of 15.2% [5]. - The company's net profit dropped from $351 million to $267 million, with a gross margin of 33.2%, showing a slight year-on-year decline [5]. Earnings Outlook - The fourth-quarter revenue forecast from STMicroelectronics is $3.28 billion, which is below the analysts' average expectation of $3.35 billion [7]. - The company has also lowered its capital expenditure plan for 2025 to slightly below $2 billion, citing current market conditions [8]. Market Sentiment - The disappointing earnings forecast from STMicroelectronics has heightened concerns about the sustainability of the recovery in the mature semiconductor industry [3]. - Following STMicroelectronics' report, the Philadelphia Semiconductor Index experienced a decline of over 4% [3]. Analyst Insights - JPMorgan maintained a "neutral" rating on STMicroelectronics with a target price of €26.40 per share, indicating uncertainty regarding the company's growth prospects for fiscal year 2026, primarily due to ongoing weakness in the automotive sector [8][9]. - Analysts express skepticism about the ability of STMicroelectronics' stock to outperform expectations unless there is a significant recovery in semiconductor demand related to automotive, industrial, and Apple-related businesses [9]. Competitor Developments - Texas Instruments also faced a decline of over 5% in its stock price due to a pessimistic earnings outlook just a day before STMicroelectronics' report [3][11]. - Intel is set to release its earnings report, which is particularly noteworthy as it will be the first since the U.S. government acquired a 10% stake in the company [10][11].