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Update: STMicroelectronics Shares Drop After Q3 Revenue Outlook Falls Short of Consensus

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(Updates with recent stock movement in headline and first paragraph.)

STMicroelectronics (STM) shares plunged 18% in afternoon trading on Thursday after the company's Q3 revenue outlook fell short of analysts' consensus.

The company reported Q2 non-GAAP earnings of $0.31 per diluted share, up from $0.06 a year earlier.

Analysts polled by FactSet expected $0.28 per share.

Revenue for the quarter ended June 27 was $3.49 billion, up from $2.77 billion a year earlier.

Analysts polled by FactSet expected $3.47 billion.

The company expects Q3 revenue of $3.7 billion, representing a sequential increase of 6.2%, plus or minus 350 basis points. Analysts polled by FactSet are expecting $3.79 billion.

Price: $53.85, Change: $-11.92, Percent Change: -18.12%

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