STMicro 1Q Loss Widens As Sales Drop Off

SEATTLE (AP) — Swiss chipmaker STMicroelectronics NV reported a wider first-quarter loss Wednesday as sales sank across the board, and said it would lay off 1,200 people.

The Geneva-based company said it lost $541 million, or 62 cents per share, in the quarter, compared with a year-ago loss of $84 million, or 9 cents per share. Excluding $56 million in restructuring charges and other one-time items, STMicro said it lost 31 cents per share, slightly better than the 33-cent loss that analysts surveyed by Thomson Reuters had forecast.

Revenue plunged 33 percent to $1.66 billion from $2.48 billion in the year-ago quarter, coming in shy of analysts' $1.67 billion estimate. STMicro said sales dropped in all of its business segments, including the ones that make chips for cars, cameras and TV set-top boxes. ...