The quarterly disappoints and the stock collapses on the Stock Exchange: the second quarter of STMicroelectronics is closed, which closes with a net loss more than doubled on an annual basis, at 152 million euros against 75 million in the same period last year, due to the slowdown in the smartphone market and uncertainties in the domestic economy, as well as problems in the joint venture with Ericsson.
Revenues, on the other hand, dropped from 2,15 billion to 2,05 billion against a consensus of 2,07 billion. Gross margin fell to 32,8% from 34,3%. The company, as stated by CEO Carlo Bozotti, expects to get back to breaking even in the third quarter and to return to profit in the last three months of the year.
Meanwhile, the STM share, dragged down by the disappointing results of the quarter, lost 6,32% on the Stock Exchange in the morning, to 7,045 euros per share, signaling itself as the worst of the Ftse Mib.
