STMicroelectronics (STM.US) experienced a significant decline of over 12% on Thursday, closing at $25.57. According to its earnings report, the company reported Q3 revenues of $3.19 billion, slightly higher than analysts' forecast of $3.12 billion; however, its operating profit was only $180 million, well below the anticipated $214.4 million. The company projects Q4 revenues to be $3.28 billion, which falls short of the analysts' average estimate of $3.35 billion. Additionally, STMicroelectronics announced a reduction in its annual capital expenditure plan to below $2 billion, aiming to "optimize investments based on current market conditions," down from its previous expectation of $2 billion to $2.3 billion.