STMicro's Q1 sales falls 6% sequentially, but looks for 10% growth in Q2
Semiconductor Business News
(04/22/02 18:52 p.m. EST)
siliconstrategies.com
GENEVA -- STMicroelectronics Inc. here today reported sales of $1.36 billion for Q1 ended March 30, down 6.4% from $1.44 billion in Q4 of 2001 and a 28.4% decline from $1.9 billion in Q1 of last year.
Net income was $32.9 million, or $0.04 per share, for Q1, compared to $45 million, or $0.05 per share, in Q4 of 2001, and $340.8 million, or $0.38 per share, in Q1 of last year.
In the first quarter, the company incurred a charge of $9.6 million, primarily associated with the previously announced closing of its fabs in Rancho Bernardo, Calif. and Ottawa, Canada.
"As anticipated, the sequential decline in net revenues from the 2001 fourth quarter was primarily attributable to seasonal factors as well as pricing pressures resulting from industrywide overcapacity," Pasquale Pistorio, president and CEO of STMicroelectronics. |
