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July 25, 2010

ST-Ericsson posts net sales of $544m in Q2

Reports an operating loss of $118m in Q2 2010

By CBR Staff Writer

ST-Ericsson, a joint venture of STMicroelectronics and Ericsson, has reported net sales of $544m for the second quarter of fiscal 2010, a decrease of 18% compared to $666m for the same quarter a year ago.

For the quarter ended June 26, 2010, the company reported an operating loss of $118m, excluding amortisation of acquisition-related intangibles and restructuring charges, compared to an operating loss of $165m for the second quarter of 2009.

The company posted a net loss of $139m, compared to net loss of $213m for second quarter of 2009. Restructuring charges totalled $5m in the second quarter, compared to $35m in the second quarter of 2009.

Gilles Delfassy, president and CEO of ST-Ericsson, said: "Our performance in the quarter was the result of both lower sales and our continued tight control of costs. Our restructuring plans are fully on track and we managed to mitigate the impact of the lower level of revenues in the quarter on our operating loss.

"Our sales in the quarter continued to reflect the impact of our ongoing portfolio transition, combined with weaker-than-expected performance in Asia and some supply limitations. We are, however, encouraged by the progress made by the new portfolio with our customers.

"Our smartphone platform family has achieved design wins for multiple models with four customers, and we continue to see good traction for our high-value entry and modem portfolio."

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