STMicroelectronics Q3 Net Loss Narrows

(RTTNews) - Chipmaker STMicroelectronics NV (STM) reported a net loss for the third quarter of $142 million or $0.16 per share, compared to a net loss of $478 million or $0.54 per share for the year-ago quarter.

On an adjusted basis, the company reported a net loss of $23 million or $0.03 per share, compared to a net loss of $29 million or $0.03 per share in the prior year quarter.

Net revenues for the third quarter fell 7.1% to $2.01 billion from $2.17 billion a year ago.

Analyst polled by Thomson Reuters expected the company to earn $0.05 per share on revenue of $2.04 billion for the third quarter. Analysts' estimates typically exclude special items.

Looking forward, the company expects fourth quarter revenues to be about flat on a sequential basis, plus or minus 3.5 percentage points. Gross margin in the fourth quarter is expected to be about 33.0%, plus or minus 2.0 percentage points.