European stocks decline amid mixed corporate profits

European stocks fell on Thursday after mixed earnings from major companies such as Nestle and Deutsche Bank.

The European STOXX 600 index fell 0.24 percent by 0745 GMT, affected by losses in the food, beverages and industrial goods sectors.

Technology stocks were under pressure after disappointing revenue expectations from the American social media giant Meta on Wednesday night.

STMicroelectronics shares fell 2.9 percent after the chip manufacturer lowered its full-year sales forecast. The shares of the Dutch chip manufacturing equipment manufacturer BA Semiconductors fell about three percent after it failed to meet first-quarter expectations.

Nestlé shares lost four percent because the world’s largest packaged food company did not meet expected self-sales growth estimates in the first quarter.

Deutsche Bank shares fell 0.7 percent, while BNP Paribas shares rose after the largest lenders in the euro zone recorded strong profits in the first quarter.