STMicroelectronics Posts Narrowed Than Estimated Q1 Loss

(RTTNews) - STMicroelectronics NV (STM), Europe's biggest chipmaker, reported a net loss for first quarter of $24 million or $0.03 per share, compared to a net loss of $171 million or $0.19 per share for the year-ago quarter.

Excluding items, adjusted net loss per share was $0.01 in the first quarter compared to an adjusted net loss per share of $0.13 in the prior year quarter.

First quarter net revenues fell to $1.83 billion from $2.01 billion a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share on revenue of $1.83 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, the company expects second quarter revenues to increase about 2% on a sequential basis, plus or minus 3.5 percentage points.