STMicroelectronics' second-quarter revenue was $3.23 billion, and it lowered its full-year revenue forecast

STMicroelectronics released its second quarter 2024 financial report on July 25, which showed that the company's net revenue reached US$3.23 billion, an increase of 1.5% from the previous quarter. However, due to excess inventory and declining sales of automotive chips, STMicroelectronics had to lower its full-year revenue forecast from US$14 billion to US$15 billion to US$13.2 billion to US$13.7 billion. In addition, the company plans to upgrade the production process of silicon carbide power semiconductors from 6 inches to 8 inches in the third quarter of next year to increase output and productivity.