STMicroelectroncis (STM) Tumbles 13% as Earnings Disappoint

We recently published 10 Stocks Slump Amid Wall Street Cheer; 2 Hit Rock Bottom. STMicroelectronics NV (NYSE:STM) is one of the worst performers on Thursday.

STMicroelectronics fell by 13.26 percent on Thursday to close at $25.26 apiece after reporting a disappointing earnings performance in the third quarter of the year.

In its financial statement, STMicroelectronics NV (NYSE:STM) said net income dropped by 32.3 percent to $237 million from $351 million in the same period last year.

Net revenues also dipped by 2 percent to $3.187 billion from $3.25 billion year-on-year, but was slightly above the mid-point of the company’s expectations.

Looking ahead, STMicroelectronics NV (NYSE:STM) President and CEO Jean-Marc Chery said the company is targeting to hit $11.75 billion in full-year 2025 revenues, with $3.28 billion in the fourth quarter alone.

“Our strategic priorities remain clear: accelerating innovation; executing our company-wide program to reshape our manufacturing footprint and resize our global cost base,” Chery said.

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Disclosure: None. This article is originally published at Insider Monkey.