Tesla, Apple Chip Supplier STMicroelectronics Q2 Earnings Hit by Weakness in Industrial and Automotive Sectors, Stock Plunges
Portfolio Pulse from Anusuya Lahiri
STMicroelectronics (STM), a supplier for Tesla (TSLA) and Apple (AAPL), reported a 25.3% YoY revenue decline for Q2 2024, beating analyst estimates. Despite beating EPS estimates, the stock plunged due to weak performance in industrial and automotive sectors. STM's outlook for Q3 and fiscal 2024 is below consensus estimates.
July 25, 2024 | 11:59 am
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NEGATIVE IMPACT
Apple supplier STMicroelectronics reported weak Q2 2024 results, impacting its stock price. This could indirectly affect Apple due to potential supply chain disruptions or cost implications.
As a supplier to Apple, STMicroelectronics' weak performance could lead to supply chain issues or increased costs for Apple, potentially affecting its operations and stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
STMicroelectronics reported a significant YoY revenue decline for Q2 2024, beating analyst estimates but showing weakness in industrial and automotive sectors. The stock plunged due to lower-than-expected Q3 and fiscal 2024 outlook.
The significant revenue decline and weak outlook for Q3 and fiscal 2024 have led to a sharp drop in STM's stock price. The company's performance in key sectors like industrial and automotive has been poor, contributing to investor concerns.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Tesla supplier STMicroelectronics reported weak Q2 2024 results, impacting its stock price. This could indirectly affect Tesla due to potential supply chain disruptions or cost implications.
As a supplier to Tesla, STMicroelectronics' weak performance could lead to supply chain issues or increased costs for Tesla, potentially affecting its operations and stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50