STMicroelectronics: Initiation of Coverage- An Insight Into Its Cost-Saving Initiatives & Financial Resilience!

STMicroelectronics reported its financial results for the fourth quarter and the fiscal year 2024, showcasing notable operational challenges within a volatile market environment. The company experienced significant revenue declines amidst broader industry downturns particularly in its Industrial and Automotive segments. For the fourth quarter, STMicroelectronics saw a year-over-year decline in net revenues by 22.4%, landing at $3.32 billion, but managed a slight sequential increase of 2.2%. The gross margin was 37.7%, and the operating margin was modest at 11.1%. Net income for the quarter stood at $341 million.