(Source: Associated Press/AP Online)
NEW YORK - Swiss chip maker STMicroelectronics NV posted a wider net loss for its second quarter Tuesday as revenue declined, but said its results reflect "solid progress across several key fronts" and sales were better than planned.
The company posted a net loss of $318 million, or 36 cents per share, compared with a loss of $47 million, or 5 cents per share, in the same period a year earlier. Excluding items, the latest quarter's loss totaled 28 cents per share.
Revenue fell 17 percent to $1.99 billion from $2.39 billion.
Analysts, on average, were expecting a loss of 32 cents per share on sales of $1.84 billion, according to a poll by Thomson Reuters. Analysts typically exclude one-time items from their estimates.
The company said its bookings "steadily increased" throughout the quarter, despite a still uncertain economic environment. And its sales increased sequentially, by 20 percent.
For the current quarter, the company forecast sales of $2.07 billion to $2.27 billion. Analysts are expecting sales of $2.02 billion.
The company's American Depositary Shares fell 24 cents, or 3.2 percent, to $7.30 in after-hours trading.
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