It made an operating loss of $196m compared to an operating profit of $55m last year. Net loss per share narrowed to $0.23 from $0.32 last year. Cash and cash equivalents at the end of the quarter was $1.6 billion.

It said automotive/consumer/computer/telecom infrastructure (ACCI) product revenue declined 20% to $852m, while industrial and multi segment product revenue fell 23% to $694m. Wireless product revenue increased 1% to $704m and others revenue grew 79% to $25m.

During the quarter, the company appointed Paul Grimme as corporate vice president and general manager of the Automotive Product Group, after Ugo Carena announced his retirement.

For the nine-month period, it reported a net loss of $1.06 billion, compared to a net loss of $421m in the same period last year. Revenue was down 22% at $5.9 billion.

Carlo Bozotti, president and chief executive at STMicro, said: "We are encouraged as growth restarted in America and Europe and continued to be strong in Asia Pacific and Greater China. Inventory declined by $150m in the third quarter and turns increased to 4.8. While having completed this phase of our inventory-adjustments affecting fab loading, we will continue to focus on accelerated inventory turns. Our efforts to navigate the industry downturn and protect our cash position were successful and we are well positioned to take advantage of the market recovery."

Looking ahead to the fourth quarter, the company expects sequential revenue growth in the range of 5% to 12%.

A service of YellowBrix, Inc.