News & Analysis
Earnings roundup: ST, IDT, RF Micro post profits
1/26/2010 7:47 PM EST
Elsewhere, programmable logic supplier Altera Corp. also beat consensus analyst expectations, with its top executive claiming its advantage in 40-nm products would drive revenue growth in 2010 (see related story).
ST (Geneva) posted fourth quarter 2009 sales of $2.57 billion, up 14 percent compared with the fourth quarter of 2008. ST posted a net loss for the period of $70 million, down from a net loss of $366 million in the year-ago period.
In a statement, ST President and CEO Carlo Bozotti said the fourth quarter numbers "reflect a positive finish to a very difficult year for ST, the semiconductor industry and the global economy."
Bozotti said the stronger than forecasted quarterly sequential revenue increase was due to growth in all regions and market segments. All market segments except telecom posted double-digit growth, Bozotti said.
For full year 2009, ST posted revenue of $8.51 billion, down nearly 14 percent from 2008. The company reported a net loss for the year of $1.13 billion, or $1.29 per share. The company reported a net loss of $786 million, or 88 cents per share, in 2008.
Bozotti said 2009 was "a year of severe loss for ST" but that 2010 will be "a year of great opportunities for ST."
For the first quarter of 2010, ST expects revenue to decline between 7 and 13 percent sequentially, in line with historical trends, Bozotti said. He noted that such a decrease, which would yield revenue of between $2.24 billion and $2.39 billion, would still represent a year-to-year increase of 35 to 45 percent when compared with the first quarter of 2009.
"Looking forward, we believe ST is well positioned to benefit from the industry upturn because of the important work we have done in product and technology innovation," Bozotti said.
