STMicroelectronics released its third-quarter financial report, and its stock price plummeted 13.26%.

STMicroelectronics NV (ST) released its third-quarter financial report, which showed its stock price plummeting 13.26% due to performance that fell short of expectations. Specifically, STMicroelectronics' third-quarter revenue fell 2% year-over-year to $3.187 billion, missing the analyst consensus estimate of $3.163 billion. GAAP operating profit plummeted 53% to $180 million, significantly below market expectations. GAAP gross margin was 33.2%, also slightly lower year-over-year. GAAP net profit was $237 million, a significant year-over-year decrease of 32.3%. GAAP diluted earnings per share were $0.26, a 29.7% year-over-year decrease.