Latest news with #STMicroelectronics
Yahoo
14 hours ago
- Business
- Yahoo
Why STMicroelectronics N.V. (STM) Skyrocketed Today
We recently published a list of . In this article, we are going to take a look at where STMicroelectronics N.V. (NYSE:STM) stands against other Wednesday's best-performing stocks. STMicroelectronics jumped by 10.67 percent on Wednesday to end at $28.41 apiece following optimism that it would hit its revenue guidance for the second quarter of the year amid the increasing demand for its semiconductors. For the current quarter, STMicroelectronics N.V. (NYSE:STM) is forecasting to book $2.71 billion in revenues, or 7.7 percent higher than the first quarter of the year. A worker assembling the inner circuitry of a semiconductor product. Additionally, STMicroelectronics N.V. (NYSE:STM) is continuing its workforce reduction initiative, with a total of 5,000 employees expected to be laid off over the next three years. Of the total, 2,800 have already been let go earlier this year. In the first quarter of the year, STMicroelectronics N.V. (NYSE:STM) reported an 89.1 percent drop in net income to $56 million from $513 million in the same period last year. Revenues also dropped by 27.3 percent to $2.5 billion from $3.46 billion year-on-year. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
India.com
a day ago
- Business
- India.com
Massive layoffs in this company, to sack 5000 employees due to…, not Ratan Tata's TCS, Narayana Murthy's Infosys or Azim Premji's Wipro, it is…
Ratan Tata and Azim Premji (File) STMicroelectronics anticipates a total of 5,000 employees to exit the company over the next three years, including 2,800 job cuts announced earlier this year, according to Chief Executive Jean-Marc Chery. Speaking at a BNP Paribas event in Paris on Wednesday, Chery noted that around 2,000 employees are expected to leave the Franco-Italian chipmaker through attrition in which voluntary departures also contribute to the overall reduction. The CEO added that discussions with stakeholders and authorities over implementation of the cost-cutting program were on track. He said: 'I do think that one country specifically is harder. And most likely, okay, could delay a little bit our speed of implementation', Chery said. In the last few months, Italy's government has expressed discontent with the firms' chief executive, as STMicro faces a sustained downturn in its key markets, and accused him of insider trading. The company denies those allegations. The Italian and French governments own a combined 27.5% share in STMicro, through a holding company which employs 50,000 people worldwide. STMicroelectronics had revealed its cost cutting program last year according to which they wanted to save hundreds of millions by reductions from attrition and early retirement were also part of it. In April, STMicroelectronics said voluntary departures will cut 1,000 jobs in France, out of 2,800 planned outside of attrition, while talks with Italy were ongoing. Reuters had reported in the same month Italy pressed to limit the job cuts to 1,000. Chery also said on Wednesday he saw signs of a market upturn this year. Shares of the company closed up 11.1% at 24.94 euros per share which was their biggest one-day gain since late March 2020. (With Inputs From Reuters)
Yahoo
2 days ago
- Business
- Yahoo
Why STMicroelectronics N.V. (STM) Skyrocketed Today
We recently published a list of . In this article, we are going to take a look at where STMicroelectronics N.V. (NYSE:STM) stands against other Wednesday's best-performing stocks. STMicroelectronics jumped by 10.67 percent on Wednesday to end at $28.41 apiece following optimism that it would hit its revenue guidance for the second quarter of the year amid the increasing demand for its semiconductors. For the current quarter, STMicroelectronics N.V. (NYSE:STM) is forecasting to book $2.71 billion in revenues, or 7.7 percent higher than the first quarter of the year. A worker assembling the inner circuitry of a semiconductor product. Additionally, STMicroelectronics N.V. (NYSE:STM) is continuing its workforce reduction initiative, with a total of 5,000 employees expected to be laid off over the next three years. Of the total, 2,800 have already been let go earlier this year. In the first quarter of the year, STMicroelectronics N.V. (NYSE:STM) reported an 89.1 percent drop in net income to $56 million from $513 million in the same period last year. Revenues also dropped by 27.3 percent to $2.5 billion from $3.46 billion year-on-year. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Straits Times
2 days ago
- Business
- Straits Times
Chipmaker STMicro to cut 5,000 jobs in next 3 years, says CEO
STMicroelectronics expects 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced earlier in 2025. PHOTO: REUTERS Chipmaker STMicro to cut 5,000 jobs in next 3 years, says CEO Amsterdam - STMicroelectronics expects 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced earlier in 2025, its chief executive said on June 4. Around 2,000 employees will leave the Franco-Italian chipmaker due to attrition, bringing the total count with voluntary departures to 5,000, CEO Jean-Marc Chery said. He added that discussions with stakeholders and authorities over implementation of the cost-cutting programme were on track. In an apparent reference to Italy, he said: 'I do think that one country specifically is harder. And most likely, okay, could delay a little bit our speed of implementation', Mr Chery said. Over the last months, Italy's government has expressed discontent with the firms' chief executive, as STMicro faces a sustained downturn in its key markets, and accused him of insider trading. The company denies those allegations. STMicro, in which the Italian and French governments own a combined 27.5 per cent share through a holding company, employs 50,000 people worldwide. In November 2024, STMicroelectronics detailed its cost cutting programme to save hundreds of millions by 2027, with workforce reductions from attrition and early retirement. In April, STMicro said voluntary departures would cut 1,000 jobs in France, out of 2,800 planned outside of attrition, while talks with Italy were ongoing. Reuters had reported in the same month Italy pressed to limit the job cuts to 1,000. Italian unions on June 4 said the 1,200 redundancies the company announced at the Agrate plant in the northern region of Lombardy were 'unacceptable' and asked for an urgent meeting with the Italian government to discuss the situation. Mr Chery also said on June 4 he saw signs of a market upturn this year. STMicro shares closed up 11.1 per cent at 24.94 euros per share, in their biggest one-day gain since late March 2020. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Bloomberg
2 days ago
- Business
- Bloomberg
Italy to Strengthen STMicro, Not Tear It Apart, Minister Says
Italy intends to strengthen embattled semiconductor company STMicroelectronics NV, a joint venture with France, Industry Minister Adolfo Urso said. 'Our intention is to strengthen STMicro on an international level and certainly not to tear it apart,' Urso told reporters in Rome on Wednesday.
