Net sales $544 million; 10% sequential decrease.
· Adjusted operating loss[1] $118 million
· Restructuring plans on track
Geneva, Switzerland, July 22, 2010 - ST-Ericsson, a joint venture of STMicroelectronics (NYSE:STM) and Ericsson (NASDAQ:ERIC), reported financial results for the second fiscal quarter ending June 26, 2010.
President and CEO, Gilles Delfassy, commented: "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.
"The transformation of our company is under way and, although we haven't captured the benefits yet, we are convinced we are on the right track and we are fully determined to complete the process that we have started."
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