STMicroelectronics reported a 13.8% drop in net income to $1.08 billion, or $1.14 per share, for the last quarter of 2023, with an operating margin of 23.9%, compared with 29.1% for the same period last year.

Its gross margin fell by two points year-on-year to 45.5%, on sales down 3.2% to 4.28 billion, with growth in ADG products (+21.5%) offset by declines in AMS (-25.8%) and MDG (-11.5%).

For the first quarter of 2024, at the mid-point, the Franco-Italian semiconductor manufacturer is targeting net sales of $3.6 billion, down 15.2% year-on-year, and a gross margin of around 42.3%.

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