Reported 2 days ago
STMicroelectronics N.V. (NYSE:STM) saw a significant surge in its stock price, rising 10.67% to $28.41 amid optimism about meeting its revenue guidance for the second quarter, driven by increased demand for its semiconductors. The company projects revenues of $2.71 billion for the quarter, up 7.7% from the previous quarter, despite reporting a substantial decline in net income and revenues in the first quarter of the year. Additionally, STMicroelectronics is continuing workforce reductions, planning to lay off a total of 5,000 employees over the next three years.
Source: YAHOO