(MENAFN– ecpulse)
STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, reported losses for the third quarter and nine months ending September 2013, citing weak demand for Smartphones and lower-priced handsets in Asia during the quarter.
The company, whose chips are used in cars, computers and mobile phones, said Net loss was $142 million as the Company took a charge of $120 million, mostly non-cash, in connection with its annual third quarter impairment review and already announced restructuring initiatives. The prior-year quarter`s results include a charge of $713 million.
- Net revenues totaled $2,013 million down 7% from $2.17 billion
- Gross margin was 32.4% from 34.8% in the same period last year
- Total operating expenses declined to $718 million from $1.55 billion
- Gross margin was 32.4% compared with the 33.75% average estimate
Looking ahead, STMicroelectronics forecasts fourth-quarter revenues to be about flat on a sequential basis, plus or minus 3.5 percentage points. The company added that gross margin for the quarter is forecasted to be about 33.0 percent, plus or minus 2.0 percentage points.
As of 11:35 ET on Tuesday, STMicroelectronics NV share closed at 6.3720 euro after opening at 6.3940 euro down by 2.10 percent or 0.1370 points.
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