Components | July 25, 2012
Decreased loss for STMicroelectronics
On a sequential basis, second quarter net revenues increased 6.5% to $2.15 billion, gross margin improved to 34.3% and net loss attributable to parent company decreased to $75 million.
President and CEO Carlo Bozotti commented, “Our second quarter financial results improved on a sequential basis despite a macro-driven change in customer sentiment in June. Thanks to broad-based growth and the continued expansion of our product portfolio into new applications, our second quarter net revenues and gross margin results were in line with our business outlook. Further, we saw a significant improvement in our net results, although there remains substantial progress to be made. “A critical component of our capability to improve our financial results is ST-Ericsson. During the quarter, the joint-venture took its first steps in executing their new strategic plan and showed initial progress on all profit and loss metrics. In parallel, we are committed to ensure that the VLSI block, our digital businesses plus ST-Ericsson, becomes self-sustainable and this is one of our top priorities. '© STMicroelectronics
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