STMicro posts $164m loss
Sales forecast to drop in Q3
STMicroelectronics has posted a loss of $164.5 million for Q2, while warning that sales are likely to drop in the current quarter.
The loss at the European chipmaker compares to a profit of $176.3 million for the same period the previous year.
Sales dropped to $1.59 billion from $1.88 billion, with the company forecasting that sales would fall a further ten to 15 per cent in the third quarter.
STMicro said it had experienced "a significant amount of end-of-period order pushouts and cancellations, reflecting accelerated weakness in certain of its end-markets, particularly telecom and computer peripherals".
The Geneva-based company expects the chip industry to pick up by the end of the year. ®
Sponsored: Global DDoS threat landscape report