STMicroelectronics Expects 4Q23 Net Revenues To Be $4.3B (Vs. $4.4B Consensus), Down By 3% Sequentially, Plus Or Minus 350 Basis Points; Gross Margin Of 46%, Plus Or Minus 200 Basis Points
Portfolio Pulse from Benzinga Newsdesk
STMicroelectronics has projected its 4Q23 net revenues to be $4.3 billion, down by 3% sequentially, which is lower than the consensus estimate of $4.4 billion. The company also expects a gross margin of 46%. The outlook is based on an assumed effective currency exchange rate of $1.08 = €1.00 for the 2023 fourth quarter and includes the impact of existing hedging contracts.
October 26, 2023 | 5:26 am
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STMicroelectronics' lower than expected 4Q23 revenue projection could negatively impact its stock price in the short term.
The company's projected revenues for 4Q23 are lower than the consensus estimate, which could lead to a negative market reaction and a potential decrease in the stock price. The projected decrease in revenues and the expected gross margin could also impact investor sentiment.
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