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STMicroelectronics Reverses Loss In 2Q

Fri, 07/23/2010 - 8:25am
Manufacturing.net

NEW YORK (AP) -- Chip maker STMicroelectronics NV posted a second-quarter profit Thursday, reversing a year-ago loss, boosted by higher revenue and a gain on the sale of its stake in memory chip maker Numonyx.

For the three months ended June 26, the company earned $356 million, or 39 cents per share, compared to a loss of $318 million, or 36 cents per share, in the same period a year earlier.

Adjusted earnings were 18 cents per share in the latest quarter.

Revenue grew 27 percent to $2.53 billion from $1.99 billion.

Analysts, on average, were expecting revenue of $2.52 billion, according to a survey by Thomson Reuters.

STM said all of its geographic regions and market segments, excluding telecommunications, posted double-digit revenue growth during the quarter.

The company said it expects third-quarter revenue to grow between 2 percent and 7 percent sequentially. Analysts are expecting revenue of $2.63 billion, an increase of 4 percent.

The company's U.S.-traded shares closed up 40 cents, or 4.8 percent, at $8.69.

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