STMicroelectronics reported Q2 2024 revenues of $3.23 billion, down 25.3% YoY and 6.7% QoQ, with gross margin at 40.1%. Net income declined 64.8% YoY to $353 million. The decline was driven by lower average selling prices and reduced volumes across all segments, particularly in Microcontrollers which saw a 46% YoY revenue drop.The company maintained strong financial position with net financial position of $3.2 billion. Capital expenditure plans for 2024 are set at $2.5 billion, focusing on strategic manufacturing initiatives including silicon carbide capacity expansion in Catania and Singapore. The company announced a new $1.1 billion share buyback program to be executed over three years.For Q3 2024, STMicroelectronics expects revenue to increase approximately 0.6% sequentially with gross margin around 38%. The company revised its 2024 revenue guidance to $13.2-13.7 billion. A new organization structure was implemented from January 2024, resulting in four reportable segments: Analog products, MEMS and Sensors (AM&S), Power and Discrete products (P&D), Microcontrollers (MCU), and Digital ICs and RF Products (D&RF).

STMicroelectronics reported Q2 2024 revenues of $3.23 billion, down 25.3% YoY and 6.7% QoQ, with gross margin at 40.1%. Net income declined 64.8% YoY to $353 million. The decline was driven by lower average selling prices and reduced volumes across all segments, particularly in Microcontrollers which saw a 46% YoY revenue drop.The company maintained strong financial position with net financial position of $3.2 billion. Capital expenditure plans for 2024 are set at $2.5 billion, focusing on strategic manufacturing initiatives including silicon carbide capacity expansion in Catania and Singapore. The company announced a new $1.1 billion share buyback program to be executed over three years.For Q3 2024, STMicroelectronics expects revenue to increase approximately 0.6% sequentially with gross margin around 38%. The company revised its 2024 revenue guidance to $13.2-13.7 billion. A new organization structure was implemented from January 2024, resulting in four reportable segments: Analog products, MEMS and Sensors (AM&S), Power and Discrete products (P&D), Microcontrollers (MCU), and Digital ICs and RF Products (D&RF).