(Corrects paragraphs 1-2 to say targets were delayed to 2030, not maintained)
:STMicroelectronics (ST) pushed back its long-term financial forecasts on Wednesday, following three outlook cuts this year amid a slump in markets for the industrial and automotive chips it makes.
ST, one of Europe's largest semiconductor firms, said it aimed to reach the revenue target of $20 billion and an operating margin of above 30 per cent by 2030, instead of the previously forecast 2027.
It also gave new guidance for 2027-2028, targeting revenue of $18 billion and an operating margin of 22-24 per cent.
"ST expects to exit 2027 with high triple-digit million-dollar savings compared to the current cost base," the company said in the statement ahead of its investor day.
ST had first flagged the launch of a company-wide program to reshape its manufacturing footprint with its third-quarter earnings, but did not elaborate where those savings would come from.
Investors and analysts will be looking to get some details on the plan during Wednesday's event.
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