STMicro sees Q1 sales well below estimates as auto chip demand softens

News Snapshot:

(Reuters) — European chipmaker STMicroelectronics on Thursday forecast a more than 15% drop in first-quarter revenue, well below market expectations, due to softer automotive demand and a further decline in orders from the industrial sector. The company, whose clients include Tesla and Apple, expects first-quarter revenue of $3.6 billion, down from $4.25 billion a year earlier. That is 11% below analysts' consensus estimate, according to LSEG. STMicro shares were down over 4% in early trade. The company posted fourth-quarter net revenue of $4.28 billion, just below analysts' average estimate of $4.30 billion in an LSEG poll. Quarterly operating income fell...