GENEVA (dpa-AFX) - STMicroelectronics N.V. (STM), Europe's biggest chipmaker, reported a slightly narrow net loss for the first quarter. Loss for the quarter clocked in at $171 million or $0.19 per share, compared to $176 million or $0.20 per share in the year-ago quarter. The latest first quarter results echoed an impairment charge of $101 million pertaining to Wireless goodwill and other intangible assets.
Net revenue for the first quarter fell to $2.009 billion from $2.017 billion in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.17 per share on revenue of $2.01 billion for the first quarter. Analysts' estimates typically exclude special items.
STMicroelectronics President and CEO, Carlo Bozotti stated, 'First quarter sales and gross margin results were in line with the mid-point of our guidance ST-Ericsson, our businesses delivered revenues better than normal seasonality despite the ongoing soft macro-economic environment, due to the strong performance of Microcontrollers, Power and Smart Power for industrial and automotive.
Looking forward to the second quarter the company anticipates revenue growth sequentially in the range of about 3% at the midpoint.
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