12:05 PM EDT, 07/25/2024 (MT Newswires) -- (Updates with stock movement in the headline and first paragraph.)

STMicroelectronics ( STM ) shares were down nearly 12% in recent Thursday trading after the company reported a year-over-year drop in its fiscal Q2 earnings.

The company booked fiscal Q2 earnings of $0.38 per diluted share -- down from $1.06 a year earlier.

Analysts polled by Capital IQ expected $0.35.

Net revenue for the quarter ended June 29 was $3.23 billion, down from $4.33 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.27 billion.

For fiscal Q3, the company expects revenue of $3.25 billion at the mid-point. Analysts polled by Capital IQ expect $3.55 billion.

Price: 34.97, Change: -4.58, Percent Change: -11.57