SAN FRANCISCO (AP) — STMicroelectronics, a major chip maker for cars and home entertainment systems and various other electronics, on Monday reported that its net income was cut by more than half as CEO Carlo Bozotti described the impact of “much weaker demand across a broader range of products.”
Net income was $71 million, or 8 cents per share, down from $198 million, or 22 cents per share, in the year-ago period. Excluding items, the company earned 9 cents per share. Analysts expected 9 cents per share on that basis, according to FactSet.
Revenue fell 8 percent to $2.44 billion from $2.66 billion in the year-ago quarter. Analysts expected $2.50 billion, according to FactSet.
For the fourth quarter, Bozotti, said that STMicro expects revenue of $2.15 billion to $2.30 billion, based on a “cautious” view of a weakening market. Analysts had been forecasting expected $2.58 billion, according to FactSet.
Shares fell 36 cents, or 4.8 percent, to $7.10 in extended trading, after the results were reported.