STMicroelectronics Swings to Quarterly Loss

STMicroelectronics ( STM), 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.

More from Technology

Elon Musk's Latest Twitter Tirade Is the Dumbest Thing on Wall Street

Elon Musk's Latest Twitter Tirade Is the Dumbest Thing on Wall Street

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Some Companies Are Already Feeling the Effect of GDPR

Some Companies Are Already Feeling the Effect of GDPR

Experts Break Down GDPR Risks for Investors

Experts Break Down GDPR Risks for Investors

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

Netflix Ready to Surpass Disney as America's Most Valuable Media Company