Reports net loss of $211m
ST-Ericsson, a joint venture of STMicroelectronics and Ericsson, has reported net sales of $412m for the third fiscal quarter ending 1 October 2011, a decrease of 20.08% compared to $565m in the same fiscal quarter in 2010.
The company’s net loss has increased by 74.4% from $121m in the third fiscal quarter in 2010 to $211m in same fiscal quarter this year.
The company posted operating loss of $224m in third quarter of 2011, up 73.64% from $129m in the same quarter previous year.
ST-Ericsson president and CEO Gilles Delfassy said sales in the third quarter came in slightly ahead of expectations, even when excluding $20m of revenue from IP licensing to a third party.
"Revenue from new products continued to grow, making up more than half of our total sales," Delfassy said.
"The first smartphone using one of our NovaThor(TM) platforms has ramped in the market – the HTC Sensation Z710t for China Mobile. There are also several new smartphone models in the market based on our Thor(TM) modem technology.
"With our new platforms starting to ramp in volume, we look forward to seeing more and more the benefits as we go into production in the coming quarters with several of the world’s largest smartphone and tablet makers."