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STMicro cuts Q2 sales forecasts

Order postponements

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STMicroelectronics has slashed Q2 revenue forecasts. It expects to have sales of $1.55 billion to $1.6 billion, down on the $1.65 billion to $1.8 billion it forecast earlier.

The company says it has been hit by order postponements and lower than expected utilisation rates of its 6-inch wafer fabs.

It also said sales of memory products would decline from Q1 levels because of pricing pressure and slowing demand. ®

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