April 22, 2020 / 5:33 AM / 3 months ago

STMicroelectronics sees Q2 revenue drop due to declining automotive demand

April 22 (Reuters) - Europe’s largest chipmaker, STMicroelectronics, expects its second-quarter revenue to drop about 10% due to governmental regulations and declining demand in its automotive unit, it said on Wednesday.

The company’s first-quarter revenue increased 7.5% thanks to higher sales in its imaging, analog and microcontroller divisions, it said.

Second-quarter gross margins should come in at about 34.6%, the chipmaker said. (Reporting by Zuzanna Szymanska in Gdansk; Editing by Raju Gopalakrishnan)

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