Chipmaker STMicroelectronics announced on Thursday that it was lowering its sales forecasts for 2024, faced with weakening demand from automakers and a further drop in orders from laptop and phone manufacturers.

The company, which counts Tesla and Apple among its customers, said it now expected sales of between $14 and $15 billion (€13.1 and €14 billion) for 2024, compared with the $15.9 to $16.9 billion range previously forecast.

Analysts surveyed by LSEG were expecting sales of $16.1 billion for the year. (Reported by Ozan Ergenay; Stéphanie Hamel, edited by Kate Entringer)