LONDON – Fourth quarter financial results at STMicroelectronics NV came in above expectations despite the drag of widening losses at wireless chip subsidiary ST-Ericsson reported on the same day.
ST's net revenues for the fourth quarter of 2010 totaled $2,833 million and included sales recorded by ST-Ericsson as consolidated by ST. The company made a net income of $219 million in the fourth quarter of 2010 compared to net income of $198 million in the prior quarter and a net loss of $70 million in the year-ago period. Fourth quarter net revenues increased by 6.6 percent from $2,657 million in the third quarter and by 9.7 percent from $2,583 million in foruth quarter 2009.
The company said it expects first quarter 2011 revenues to be lower sequentially by about 7 to 12 percent, which at the midpoint equates to a 10% increase when compared to the year-over-year period. This is said would be in-line with normal seasonality.
The 4Q10 sales revenue increased on a a year-over-year basis by 30 percent in Industrial and Multisegment Sector (IMS), and 15 percent in Automotive/Consumer/Computer/Communication Infrastructure Sector (ACCI), while Wireless, reflecting the ongoing portfolio transition at ST-Ericsson, decreased by 21 percent.
Overall fourth quarter net revenues were led geographically by Greater China-South Asia with sales growth of 15 percent and the Americas region with a 14 percent increase.
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