STMicroelectronics Swings to Quarterly Loss

STMicroelectronics(STM Quote), Europe's biggest chipmaker, reported a third-quarter loss of $289 million, or 32 cents a share, compared with year-earlier earnings of $187 million, or 20 cents a share.

Net revenue in the quarter increased to $2.7 billion from $2.6 billion.

The company said the revenue increase was driven by high single-digit growth in its computer and telecom segments but was mitigated by a high single-digit decrease in its automotive operations. On a year-over-year basis, revenue rose 10.9% before including revenue from NXP Wireless.

Results in the latest third quarter were negatively impacted by a number of accounting charges, the company said late Tuesday.

The company said it expects sequential net revenue in the fourth quarter to be flat to down 8%.

Shares are trading higher in Europe Wednesday.