STMicroelectronics report net loss in Q1/08

The company announced a Q1 net loss in the first quarter of 2008. Reasons for the loss were, according to management, costs for the ongoing restructuring process, financial burdens from the sale of the Flash-memory business and the acquisition of Genesis Microchip, reports dpa. The net loss was $84 million in Q1/08, compared to a net increase of $74 million in the same period in 2007. The turnover increased to $2,48 billion, an increase by 9% compared to the previous year's period ($2,28 billion). Analysts expected to see a turnover increase to $2,51 billion. The company expects to see a turnover of $2,29 to 2,42 billion in Q2/08 and a gross profit margin of around 37%.