STMicro cuts FY revenue outlook as slowing car demand bites

European chipmaker STMicroelectronics STMPA on Thursday lowered its full-year sales guidance, the latest semiconductor company to struggle with weakening demand from carmakers and a further decline in orders from laptop and phone companies.

The company, whose clients include Tesla TSLA and Apple AAPL, said it expects revenue in the range of $14 billion to $15 billion for 2024, down from its previous forecast range of $15.9 billion to $16.9 billion.

Analysts polled by LSEG were expecting revenue of $16.1 billion for the year.