STMicroelectronics reports Q4 results

STMicroelectronics has reported financial results for the fourth quarter and full year ended December 31, 2012.

Fourth quarter net revenues totaled $2.16 billion and gross margin was 32.3%. Net loss attributable to parent company was $428 million, mainly due to a charge of $544 million for the impairment of Wireless goodwill and other intangible assets following the Company’s decision to exit the ST-Ericsson joint venture after the communicated transition period as part of the Company’s new strategic plan announced on December 10, 2012.

President and CEO Carlo Bozotti commented, “In the fourth quarter,both revenue and gross margin results came in above the midpoint of our guidance despite the ongoing softness in the semiconductor market. We extended our leadership in key areas.Thanks to new product momentum, revenues from our wholly-owned businesses increased 0.2% and 1.6% on a sequential and year-ago basis driven by a very strong ramp of our MEMS products in the fourth

Bozotti further added, “Important decisions were made in 2012 that are shaping a new, more focused, higher-performing ST. In December, we announced our new strategic plan targeting leadership in two product segments: Sense & Power and Automotive Products and Embedded Processing Solutions”.