- Net sales $666 million; 18.5% sequential increase
- Adjusted operating loss[1] $165 million
- Strong momentum in China with leading customers
- New organization announced to accelerate execution of new product strategy
Geneva, Switzerland, - ST-Ericsson, a joint venture of STMicroelectronics (NYSE:STM) and Ericsson (NASDAQ:ERIC), reported financial results for the second quarter 2009.
President and CEO, Alain Dutheil, commented: "During the second quarter our sales performed above normal seasonal patterns. This was due to the destocking phase in the channels being over, to the pick-up of demand in China, and to our steady execution on our commitments towards our customers.
We have kept a strong focus on our restructuring and realignment plans. The $250 million cost synergies program, defined by ST-NXP Wireless in the third quarter 2008, is expected to be completed by year-end according to schedule. The new restructuring plan of $230 million cost synergies, announced at the end of April, has been initiated and is expected to be completed by the second quarter 2010.
Today we have also announced our new organization, aligned to our product strategy, to further strengthen our technological leadership and complete the integration."
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