April 25 (Reuters) - European chipmaker

STMicroelectronics on Thursday lowered its full-year

sales guidance, the latest semiconductor company to struggle

with weakening demand from carmakers and a further decline in

orders from laptop and phone companies.

The warning came after the company posted

lower-than-expected first-quarter results.

The company, whose clients include Tesla and Apple ( AAPL )

, said it expects revenue in the range of $14 billion to

$15 billion for 2024, down from its previous forecast range of

$15.9 billion to $16.9 billion.

Analysts polled by LSEG were expecting revenue of $16.1

billion for the year.

"During the quarter, automotive semiconductor demand

slowed down compared to our expectations, entering a

deceleration phase, while the ongoing industrial correction

accelerated," said CEO Jean-Marc Chery in a statement.

The French-Italian company posted first quarter earnings

before interest and tax (EBIT) of $551 million, down 54% from a

year earlier and below the $603.82 million expected by analysts

in an LSEG poll.

Revenue fell 18% to $3.46 billion, missing analysts'

expectations of $3.61 billion.

Weakness in auto and industrial demand have been

weighing on the sector, while investors remain cautious amid

high interest rates, with escalating tensions in the Middle East

increasing fears.