Europe's largest chipmaker STMicroelectronics released its third-quarter financial results. Quarterly net profit fell by 68% year-on-year to $0.351 billion, with diluted earnings per share of 37 cents for the quarter. Quarterly operating profit fell by 69% year-on-year to $0.381 billion, higher than the market's expected $0.321 billion. Quarterly net income fell by 27% year-on-year to $3.251 billion, compared to the market's expectation of $3.24 billion.

The company expects full-year revenue of $13.27 billion, close to the lower end of the earlier forecast range of $13.2 billion to $13.7 billion, with market expectations at $13.26 billion. The company stated that based on current orders and demand visibility, it anticipates a significant decline in revenue for the fourth quarter and the first quarter of next year, far exceeding normal seasonal impacts.

The company's customers include Tesla (TSLA.US) and Apple (AAPL.US).