This call is being broadcast live over the web and can be accessed through ST's website. A replay will be available shortly after the conclusion of this call. This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans.

We encourage you to review the Safe Harbor statement contained in the press release that was issued with the results last night and also in ST's most recent regulatory filings for a full description of these risk factors. As a reminder, please limit yourself to one question and a brief follow-up.

And now, I'd like to turn the call over to Carlo Bozotti, ST’s President and CEO. Carlo?

Carlo Bozotti

Thank 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.

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