Overview
- Shares closed down 13.26% at $25.26 after the company reported third-quarter results.
- Net income fell 32.3% year over year to $237 million, reflecting weaker profitability.
- Net revenues declined about 2% to $3.187 billion, slightly above the company’s midpoint expectation.
- Despite topping revenue expectations, the gross margin of 33.2% came in below the company’s long-term target.
- Management guided to $11.75 billion in 2025 revenue and $3.28 billion for the fourth quarter, and the CEO emphasized priorities to accelerate innovation, reshape manufacturing, and resize the global cost base.