Chipmaker STMicroelectronics reported weaker-than-expected quarterly results. The company said lower demand in China, especially its automotive business, had led it to cut manufacturing and lower its fourth-quarter outlook. The semiconductor maker posted third-quarter net revenue of $1.76 billion, falling 6.5% from the year-ago quarter.
STMicroelectronics, the largest semiconductor maker in Europe, reported an improved third-quarter gross margin of 34.8%, but shy of the 35.0%, which analysts on average were expecting.
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