UPDATE 1-STMicroelectronics posts loss as ST-Ericsson weighs
SAN FRANCISCO, April 22 (Reuters) - European chipmaker STMicroelectronics posted its sixth straight quarterly loss, hurt by costs linked to the closure of joint venture ST-Ericsson and weak European semiconductor demand.
STMicroelectronics, which makes chips for cars, computers and mobile phones, on Monday reported first-quarter revenue of $2.01 billion, down slightly from $2.02 billion in the year-ago quarter and broadly in line with analysts' expectations.
The company said current-quarter revenue would rise 3 percent sequentially, plus or minus 3.5 percentage points.
Analysts on average had expected first-quarter revenue of $2.02 billion and June-quarter revenue of $2.13 billion, according to Thomson Reuters I/B/E/S.
It had a fourth-quarter net loss of $171 million, compared with a net loss of $176 million the same quarter a year earlier.
STMicroelectronics and Ericsson announced in March it will end their chip venture ST Ericsson after failing to find a buyer, splitting some of its businesses between the two companies and closing the rest of the operation.
On Monday, STMicroelectronics also announced it will decide and distribute quarterly dividends semi-annually, as opposed to just once a year previously. It plans to pay a 10 cent-a-share dividend in 2013's second and third quarters.
- U.S. Mega Millions lottery up to $400 million, 2nd-biggest ever
- Uruguay becomes first country to legalize marijuana trade
- Pope Francis named Time's Person of the Year
- Thousands of South Africans line up to see Mandela lie in state |
- China bitcoin arbitrage ends as traders work around capital controls