STMicroelectronics reports a 50.9% drop in net income for the first quarter of 2024, to $513 million, or $0.54 per share, with an operating margin of 15.9% versus 28.3% a year earlier.

Also in annual variation, net sales for the Franco-Italian semiconductor manufacturer fell by 18.4% to $3.46 billion, with lower sales in automotive and industrial, but higher in personal electronics.

For fiscal 2024, STMicro now expects a revised sales plan of between $14 and $15 billion, and within this plan, expects a gross margin in the low 40's.

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