All market segments post double-digit growth
STMicroelectronics has reported net revenues of $2.33bn for the first quarter of fiscal 2010, up 40.1% compared to $1.66bn for the same period last year, led by the IMS and ACCI product segments with 60% and 47% growth, respectively.
The company reported an operating loss of $20m for the first quarter of 2010, compared to $393m in the same period last year.
For the first quarter ended March 27, 2010, the company posted a net income of $57m, compared to a loss of $541m. Diluded earnings per share attributable to parent company shareholders for the quarter was $0.06, compared to diluted loss per share of $0.62 for the same period last year.
On a year-over-year basis, all market segments posted double-digit growth. Automotive was up by 61%, Telecom by 13%, Computer by 59% and Distribution touched the pre-recession levels increasing 114%. Consumer and industrial segments revenue rose by 24% and 37%, respectively.
Carlo Bozotti, president and CEO of STMicroelectronic, said: “Our first quarter revenues, well in-line with our expectations, reflected the significant rebound from the economic crisis and solid demand for our products. Although supply chain constraints somewhat limited our revenues opportunities, we fully participated in the market recovery with our new and innovative products.
“Mainly driven by high fab loading, our first quarter gross margin increased 1,140 basis points year-over-year to 37.7%, and expanded 70 basis points sequentially in contrast to a historical seasonal decrease.”