STMicro revenues drop 19% in Q1
STMicroelectronics has reported first quarter net revenues of $2.23 billion down from $2.75bn in the previous quarter and net income of $192 million down from $392m in the previous quarter.
Jean-Marc Chery (pictured), STMicroelectronics President & CEO, commented:“In the first quarter of 2020, net revenues increased 7.5% year-over-year, led by higher sales of our Imaging products and growth in Analog and Microcontrollers, partially offset by lower sales in Automotive, Power Discrete and Digital. Operating margin improved to 10.4% and net income increased 7.9% to $192 million.”
ST revenues missed the mid-point of its outlook by 5%.
Said Chery, “The COVID-19 outbreak and subsequent containment measures by governments around the world brought challenges in our manufacturing operations and, especially in the last few days of the quarter, logistics.”
ST’s outlook reflects declining demand, especially in automotive, alongside government regulations presenting logistics and operational challenges.
“We anticipate that all of our manufacturing sites will be operational. Some of them will run at reduced capacity,”said Chery.
The company has reduced its CAPEX plan from $1.5bn to $1bn to $1.2bn.
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