ST reports Q3 2013 Net Revenues of $2.01 Billion

STMicroelectronics has reported its financial results for the third quarter and nine months ending September 28, 2013. Third quarter net revenues totalled $2,013 million and gross margin was 32.4 per cent. ST’s third quarter net loss was $142 million as the Company took charge of $120 million, mostly non-cash, in connection with its annual third quarter impairment review and already announced restructuring initiatives.
 
Our financial performance during the third quarter was mixed. On the one hand, we saw overall year-over-year revenue improvement of 3.9 per cent across our business outside of the Wireless product line. We believe this exceeds the year-over-year revenue performance of our served market. On the other hand, this growth was milder than expected due to a muted order pattern during the quarter driven by softness in high-end smartphones in Asia and the mass market in Asia, including the cable set-top box market in certain countries, said Carlo Bozotti, President & CEO, STMicroelectronics.
 
Bozotti further added that in August, the company completed the transaction to split up ST-Ericsson in a timely manner. With this, ST aims to strengthen its product development in the key areas where customer expansion opportunities including embedded processing, RF, analog and power was important.