EUROPEAN chipmaker STMicroelectronics on Thursday forecast an over 15% drop in first-quarter revenue, after its sales missed estimates in the fourth quarter on softer automotive growth and a further decline in orders from the industrial sector.

       Orders from the automotive industry have been helping chipmakers offset the impact from U.S.-China trade spats and sluggish demand for personal electronics.

       "In Q4, our customer order bookings decreased compared to Q3. We continued to see stable end-demand in Automotive, no significant increase in Personal Electronics, and further deterioration in Industrial," CEO Jean-Marc Chery said in a statement.

       Fourth-quarter net revenue came in at $4.28 billion, below analysts' average estimate of $4.30 billion in an LSEG poll.

       Quarterly operating income fell 20.5% to $1.02 billion.

       The company, whose clients include Tesla and Apple , expects to post first-quarter revenue of $3.6 billion, compared to $4.25 billion a year earlier.

       In 2024, the Schiphol, Netherlands-based company plans to invest about $2.5 billion in net capital expenditure, and targets full-year revenue in a range of $15.9 billion to $16.9 billion. - Reuters

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