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And now, I'd like to turn the call over to Carlo Bozotti, ST’s President and CEO. Carlo?
Carlo BozottiThank you, Tait, and thank you for joining us for the -- for our second quarter conference call. Let me share some key points before going into a review of the quarter. First, net revenues and gross margin were in line with our guidance, and we saw a significant improvement in our net results. However, in June, we did see a negative impact on our second quarter earnings as a result of the macro-driven changes in the market environment. Second, we had an active quarter with respect to our product portfolio as we will hear from the level of new design wins and product ramps. Third, we have set three key priorities with which we will manage the business during the second half of 2012 and beyond. Priority number one is to gain market share and we want it to be profitable market share gains. As part of this we want to continue to expand our customer base, which will allow -- which will also help reduce the risks in our business. Priority number two, we are focused on moving our VLSI businesses, meaning our digital assets at ST, including ST-Ericsson, towards self-sustainability to drive improved financial performance.