STMicroelectronics Swings To Q2 Profit

(RTTNews) - STMicroelectronics N.V. (STM), a French-Italian semiconductor company, Thursday reported earnings for the second quarter compared to a loss for the same period last year.

Further, the company provided its revenue outlook for the third quarter.

The company reported earnings of $222 million or $0.24 per share compared with a loss of $97 million or $0.11 per share of last year.

Impairment restructuring charges and other related phase-out costs reduced to $58 million from $190 million that was recorded prior year.

Excluding items, earnings jumped 410.5 percent to $291 million or $0.31 per share from $57 million or $0.06 per share of previous year.

Revenue increased 26 percent to $3.49 billion from $2.77 billion of last year, driven by higher revenues in CECP and Automotive.

Looking forward to the next quarter, the company expects net revenue to be $3.7 billion, an increase of 6.2 percent sequentially, plus or minus 350 basis points.

On Wednesday, shares closed at $65.77, up 0.52% on the New York Stock Exchange.