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STMicro back in the black

Sales slide, though - and won't improve any time soon, company claims

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STMicroelectronics saw its sales slide 11.8 per cent last last quarter from the previous three-month period and 31 per cent down on the same period last year, the company reported yesterday.

However, ST forecast that its Q4 sales will show little or no decline over Q3 suggesting that it at least thinks the downturn has bottomed out.

More importantly, the chip maker - Europe's largest - returned to profitabilty, albeit at a level far below the income it achieved in Q3 2000. It reported earnings of $35.8 million, compared to last year's $415.3 million.

ST's revenues came in at $1.4 billion, rather less than the $2.04 billion worth of sales it recorded a year ago, but within the guidance it had already offered and better than analysts had anticipated. ®

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