STMicroelectronics N.V. reported U.S. GAAP financial results for the first quarter ended March 30, 2024. Net revenues totaled $3.47 billion, representing a year-over-year decrease of 18.4%. Gross profit totaled $1.44 billion, representing a year-over-year decrease of 31.6%. Gross margin of 41.7%, 60 basis points below the mid-point of ST’s guidance, decreased 800 basis points year-over-year, mainly due to the combination of sales price and product mix, unused capacity charges and reduced manu...