Intel Corp. experienced a significant downturn, with its shares plummeting over 26% in response to a dismal growth forecast and a major job cut announcement, marking its sharpest decline since at least 1982, and eroding about $32 billion in market value, as reported by Automotive News on Aug. 2. The chipmaker, grappling with challenges in adapting to the AI era, disclosed plans to eliminate more than 15% of its workforce, which totals approximately 110,000 employees, alongside suspending divi...

According to a press release on Aug. 1, Mobileye reported a 3% year-over-year decrease in revenue to $439 million for the second quarter of 2024, attributing the decline to a 10% decrease in EyeQ system-on-chip (SoC)-related revenue, largely due to the use of excess inventory by tier 1 customers. However, there was an 84% increase in revenue compared to the first quarter of 2024, mainly because of reduced inventory consumption by tier 1 customers and a more than 110% increase in the numb...

In a press release on July 31, Denso has reported first-quarter consolidated revenue of ¥1,753.8 billion (about $10.9 billion), for its 2025 fiscal year, ending March 31, 2025, marking a 2.4% rise from the previous year. Its consolidated operating profit surged by 27.7% to reach ¥120.6 billion, and the consolidated profit attributable to owners of the parent company increased by 10.5% to ¥94.5 billion. According to Yasushi Matsui, Denso's CFO, the revenue hike in the first quarter was...

Modine, a diversified global leader in thermal management technology and solutions, has reported total net sales of $2.4 billion for full financial year 2023–24, recording year-over-year growth of 5%, on increased demand for its products under climate solutions and performance technologies divisions, the company announced on May 21. Modine’s fiscal year 2023–24 operating income stood at $240.7 million, up a significant 60% year over year, and the company’s adjusted EBIDTA was at ...

MapmyIndia, a leading provider of deep-technology, digital maps, geospatial software and location-based internet of things products and services, has announced its financial results for fiscal year 2024, registering strong double-digit growth in new-order acquisition in both the domestic market and internationally.  The company achieved 4.17 billion rupees (about $50 million) in full-year revenue, representing a 32% year-over-year growth over the previous year's ...

According to a May 7 press release, GlobalFoundries (GF) has reported first-quarter 2024 revenue at $1.5 billion, a decrease of 16% year over year compared with fiscal year 2023. The company reported net income of $134 million and adjusted EBITDA of $577 million for the quarter.  Recent business highlights include: As part of the US CHIPS and Science Act, the US Commerce Department announced $1.5 billion in planned direct funding for GF’s New York, US, an...

Michigan, US-based global auto component major BorgWarner has reported its first-quarter 2024 net sales at $3.59 billion, recording a growth of 6% over first-quarter 2023 net sales of $3.38 billion, the company said May 2. BorgWarner attributed this year-over-year growth to an increased demand for its products. However, the year-over-year growth was partially offset by the negative impact of foreign currencies, it added. The company’s net earnings for the March quarter stood at...

Leading auto component supplier Magna International Inc. in a press release on May 3 reported a year-over-year increase of 3% in its first-quarter fiscal year 2024 net sales to $11 billion, ending March 31, 2024. The net income was $9 million for the first quarter of 2024 compared to $275 million in the first quarter of 2023. The adjusted earnings before interest and tax increased to $469 million in the first quarter of 2024 compared to $449 million in the first quarter of 2023. The comp...

Wolfspeed has posted revenue of $201 million for the third quarter of 2024, it said in a press release dated May 1. This represented an increase of 4% compared to the third quarter of 2023. Net loss for the quarter came in at $148.9 million, compared to net loss of $99.5 million in the third quarter of 2023. "We are pleased with the significant operational milestones achieved in the quarter for Wolfspeed as we continue to be the world’s first fully, vertically integrated 200-millimeter...

Denso has reported an 11.6% increase in fiscal-year 2024 consolidated revenue to ¥7.14 trillion (about $47.2 billion), according to a press statement dated April 26. Operating profit for the same period came in 10.7% lower at ¥380.6 billion, while the consolidated profit attributable to owners of the parent company decreased by 0.6% to ¥312.8 billion. The company attributed the revenue increase to strong vehicle sales in Japan and North America, as well as foreign exchange gains. In Japan,...

Intel has reported a 9% year-over-year rise in revenue for the first quarter of fiscal 2024 to $12.7 billion, compared to $11.7 billion in the first quarter of 2023, according to its press release on April 25. The company reported net loss of $0.4 billion compared to net loss of $2.8 billion in the first quarter of 2023. “We are making steady progress against our priorities and delivered a solid quarter,” said Pat Gelsinger, Intel's CEO. “Strong innovation across our client, edge and da...

TSMC has reported a consolidated revenue of NT$592.64 billion (US$18.87 billion) for the first quarter of fiscal 2024. This represented an increase of 16.5% year over year, but a drop of 5.3% from the previous quarter. Net income of NT$225.49 billion was up 8.9% year over year, while gross profit climbed 9.8% higher during the same period. In US dollars, first-quarter revenue was $18.87 billion. Gross margin for the quarter was 53.1%, operating margin was 42.0% and net profit margin was 38.0%...

Nidec has reported a 4.75% year-on-year increase in revenue for the fiscal year ending March 2024. Its revenue came in at ¥2.35 trillion ($28.22 billion) compared to ¥2.24 trillion, while net profit for the year nearly tripled to ¥125.39 billion. Operating profit for the same period rose 63% to ¥163.11 billion. The increase in operating profit is attributable to the results of continuous reduction in fixed costs on a global basis, and steady progress in manufacturing cost and sales price ...

Software developer BlackBerry has reported a 30% year-over-year increase in full year 2024 revenue to $853 million, according to a filing on April 3. Net loss for the year narrowed significantly to $130 million from a loss of $734 million last year. Gross margin shrunk to 61% from 63.9% while research and development costs for the year came in 10% lower at $186 million. The increase in revenue was primarily owing to the sale of a legacy patent portfolio for $218 million in the first quarter. ...

On March 26, 2024, Nexteer Automotive, a major global automotive supplier, reported annual results for its fiscal year ended Dec. 31, 2023 — including a new company record of $4.2 billion in revenue. The company reported operating profit of $61.4 million. Net profit attributable to equity holders of 2023 was $36.7 million. While the company’s revenue performance outpaced the market, with an 11.1% year-over-year increase in revenue adjusted for foreign currency and customer commodity recov...

ZF Friedrichshafen has posted a 6.5% year-on-year (y/y) growth in full year 2023 sales to €46.6 billion ($50.66 billion), a company filing on March 21 showed. Adjusted EBIT came in at €2.4 billion compared to €2 billion a year earlier while adjusted EBIT margin was 5.1% compared to 4.7% in 2022. Net profit fell to €126 million from €376 million due to significantly higher income taxes for the year. The company spent €3.5 billion in R&D during the year, up from €3.4 billion it s...

Autoneum has reported a 27.6% year-over-year increase in fiscal year 2023 revenue to CHF2.3 billion, in a press release dated March 13. The overall revenue increase was driven by a 17.4% increase in revenue for its Business Group North America and a 22.1% increase in revenue for its Business Group SAMEA.  Autoneum’s revenue in local currencies grew by 34.8% in 2023, supported by both organic and inorganic growth, as well as a favorable market environment. The company's earnings before ...

Valeo has reported an 11% year-over-year increase in fiscal year 2023 sales to €22.04 billion, it said in a press release dated Feb. 29. Net income for the year fell to €221 million from €230 million a year earlier. Research and development expenses for the year increased by 8% to €2.04 billion. The company’s aftermarket sales was little changed at €2.27 billion. Sales was driven by growth across all business verticals — the Comfort & Driving Assistance Systems Business...

Sogefi has reported a 5.5% year-over-year increase in sales for fiscal 2023 to €1.63 billion, it said in a press release dated Feb. 23. Net result for the year almost doubled to €57.8 million from €29.6 million last year. Earnings before interest and tax grew nearly 50% to €105.2 million. Manufacturing and research and development costs for the year was €129.1 million from €119.4 million last year. Revenue grew in most regions throughout the year, led by a 10% increase in Eur...

STMicroelectronics (ST) has reported an increase of 7.2% in fiscal year 2023 net revenue at $17.29 billion for the year ended Dec. 31, 2023, according to a company press release on Feb. 15, 2024. ST reported fourth-quarter net revenue of $4.28 billion, gross margin of 45.5%, operating margin of 23.9% and net income of $1.08 billion. Automotive and Discrete Group (ADG) revenue increased for both Automotive and Power Discrete. The operating profit increased by 39.7% to $657 million. ...

Elmos Semiconductor has reported a 28.6% year-over-year sales growth for full year fiscal 2023 at €575 million, according to a company press release on Feb. 15. Earnings before interest and tax improved by 36.8% to €150.7 million. The EBIT margin rose to 26.2% from 24.6%. For the full year, net income rose to €99.1 million from €71.4 million. Research and Development expenses was €68.8 million compared to €55.5 million last year. For the fourth quarter of fiscal 2023, sales c...

Visteon Corp. reported a net sale of $3,954 million in fiscal year 2023, an increase of 5% year over year. The gross margin was $487 million, and the net income was $486 million. It posted an adjusted earnings before interest, taxes and amortization of $434 million, an increase of $86 million compared to the prior year. The increase in adjusted EBITDA primarily reflects the impact of higher sales while leveraging an efficient cost structure with modest increases in engineering and SG&A ...

Hella GmbH Co. (Forvia Hella) on Feb. 16 released the preliminary results for fiscal year 2023, reporting group sales improvement by 10.3% to €8.0 billion as compared to €7.2 billion in 2022. Operating income increased by about 65% to €486 million against €295 million in 2022. Significance: The company said all business segments recorded higher sales and improved profitability in the year. The Lighting Business Group increased its sales by 13% to €3.9 billion, while the Electro...

Garrett Motion posted net sales of $3.89 billion for fiscal 2023, up 8% over last year, it said in a press release dated Feb. 15. Net income for the year dropped 33% to $261 million, while net income margin fell to 6.7% from 10.8% in the previous corresponding period. For the fourth quarter, net sales increased 5% to $945 million, while net income more than halved to $52 million. Net income margin was slashed to 5.5% from 12.5%. Net income for the fourth quarter was lower due to $21 million o...