STMicroelectronics Q2 Profit Down

(RTTNews) - STMicroelectronics (STM) reported that its net income for the second quarter ended June 29, 2019 decreased to $160 million or $0.18 per share from $261 million or $0.29 per share in the year-ago quarter.

Net revenues for the second-quarter decreased 4.2% to $2.17 billion from last year, as the company recorded lower sales in Analog, Microcontrollers and Digital ICs, partially offset by growth in Automotive and Power Discrete, MEMS and Sensors.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share and revenues of $2.13 billion for the quarter. Analysts' estimates typically exclude special items.

Looking for the third quarter, the company expects net revenues to increase about 15.3% sequentially, plus or minus 350 basis points.

For the full year 2019, the company now expects net revenues to be in the range of about $9.35 billion to $9.65 billion. It confirmed its investment plan of $1.1 billion to $1.2 billion.