Press Release: STMicroelectronics Reports 2024 Third Quarter Financial Results PR No: C3290C STMicroelectronics Reports 2024 Third Quarter Financial Results -- Q3 net revenues $3.25 billion
STMicroelectronics Reports 2024 Third Quarter Financial Results
Q3 2024 Q2 2024 Q3 2023 Q/Q Y/Y ----------------------------- ------- ------- ------- -------- ---------- Net Revenues $3,251 $3,232 $4,431 0.6% -26.6% ----------------------------- ------- ------- ------- -------- ---------- Gross Profit $1,228 $1,296 $2,109 -5.2% -41.8% ----------------------------- ------- ------- ------- -------- ---------- Gross Margin 37.8% 40.1% 47.
Gross profit totaled $1.23 billion, representing a year-over-year decrease of 41.8%. Gross margin of 37.8%, 20 basis points below the mid-point of ST's guidance, decreased 980 basis points year-over-year, mainly due to product mix and, to a lesser extent, to sales price and higher unused capacity charges.
-- Revenue decreased 18.4%. -- Operating profit decreased by 54.0% to $121 million. Operating margin was 15.0% compared to 26.5%. In Microcontrollers, Digital ICs and RF products Product Group:-- Revenue decreased 43.4% mainly due to a decrease in GP MCU. -- Operating profit decreased by 78.2% to $116 million. Operating margin was 14.0% compared to 36.4%. Digital ICs and RF products segment:
In the third quarter, ST paid cash dividends to its stockholders totaling $80 million and executed a $92 million share buy-back, as part of its current share repurchase program. Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S.
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