ST’s Q3 revenues of $1.89 billion were 6.3% down on Q3 2013 and will fall another 3.5% in Q4 forecast the company.
The company made a $72 million profit in the quarter thanks mainly to a tax benefit worth $42 million.
ST said it would implement $100 million in annualised savings at its loss-making digital business and is “reviewing the implications to our process technology following the recent announcements by our research alliance partners”.
This could refer to the announcements by IBM, which supplies ST with its basic process technology, to get out of microelectronics and sell its factories to Globalfoundries.
Following its June sale of bonds worth $1 billion ST has now got $2.4 billion of cash and $1.97 billion of debt.
Shares have fallen 11% this year and ST’s market cap is now €4.7 billion.
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