ST reports 2011 Q2 and H1 financial results

PARIS, FRANCE: STMicroelectronics has reported financial results for the second quarter and first half ended July 2, 2011.

President and CEO, Carlo Bozotti, commented: “Our second quarter net revenues and gross margin results were substantially in line with our business outlook, with sales growth driven by a solid performance from automotive.

“As anticipated, in this quarter we experienced headwinds related to the situation in Japan and currency rates, while continuing to face ST-Ericsson’s ongoing transition. Additionally, in June, we saw weaker demand and a much weaker than planned outlook for wireless products from a major customer and we saw signs of softening demand in some of our businesses, such as digital consumer products and microcontrollers.

“Looking at the 2011 first half, we have made measurable progress in advancing our product portfolio, clearly gaining share as net revenues from our wholly-owned businesses increased 17 percent compared to the year-ago period. Our product portfolio is gaining further traction, with significant design wins in the growth application areas we are targeting: energy management and savings, trust and data security, healthcare and wellness as well as smart consumer devices.”