January 24, 2019 / 6:28 AM / a month ago

STMicro sees Q1 net revenues sink by 21 pct from previous quarter

PARIS, Jan 23 (Reuters) - Franco-Italian chipmaker STMicroelectronics said on Thursday it expected first-quarter sales to fall by about 21 percent from the last quarter of 2018, joining the crowd of peers predicting a slowdown within the industry.

The Geneva-based company said fourth-quarter net revenues rose by 5 percent from the previous quarter to $2.65 billion, below STMicro’s targets.

The gross margin for the period stood at 40 percent, slightly above targets. The company, which notably provides chips and sensors to the smartphone and auto industries, expects to invest between $1.2-$1.3 billion in capital expenditure in 2019. (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Sudip Kar-Gupta)

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