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(RTTNews) - STMicroelectronics N.V. (STM) reported that its first quarter net income declined to $513 million from $1.04 billion, prior year. Earnings per share was $0.54 compared to $1.10. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.59, for the quarter. Analysts' estimates typically exclude special items.

First quarter net revenues declined to $3.46 billion from $4.25 billion, last year. Analysts on average had estimated $3.61 billion in revenue.

Jean-Marc Chery, ST President & CEO, said: "Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics. We will now drive the company based on a revised plan for fiscal 2024 revenues in the range of $14 billion to $15 billion. Within this plan, we expect a gross margin in the low 40's.""

At the mid-point, for the 2024 second quarter, the company expects net revenues to be $3.2 billion, a decrease of 7.6% sequentially, plus or minus 350 basis points. Gross margin is projected to be 40%, plus or minus 200 basis points.

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