Shares in STMicroelectronics closed 18 percent lower on Thursday, after the company reported a third-quarter sales forecast that missed analysts’ expectations.
The Franco-Italian chipmaker’s results were generally positive, but expectations had been high in the lead-up to its results announcement, as the firm benefited from sales to AI data centres.
Even with Thursday’s decline, the company’s shares are up 105 percent so far this year.
Data centre growth
STMicro said it expected third-quarter sales of $3.7 billion (£2.8bn), up 16 percent year-on-year but below consensus estimates of $3.76bn.
