STMicroelectronics, a Franco-Italian semiconductor company, has revised its financial forecasts downward due to a significant slowdown in the automotive market, which has impacted demand for its chips. The company reported a decrease in first-quarter revenue of 18% year-over-year, totaling $3.47 billion, which fell short of the expected $3.63 billion. Additionally, STMicroelectronics anticipates a 26% drop in second-quarter sales to $3.2 billion, compared to the anticipated $3.79 billion. This adjustment reflects broader industry challenges, as noted by similar warnings from Taiwan chipmaker UMC about reduced demand in the automotive and industrial sectors.