ST-Ericsson, a joint venture of STMicroelectronics and Ericsson, reported financial results for the second fiscal quarter ending June 30, 2012. The company reports the net sales of $344 million, a 19 percent sequential increase, while the adjusted operating loss decreased sequentially by $62 million to $235 million, as the result of volume and margin improvements.
Didier Lamouche, President and CEO of ST-Ericsson said: “This has been a quarter of progress across the board. We ramped our NovaThor ModAp platform with Samsung and Sony Mobile Communications and also added several new Chinese key players.”
“We are executing in a timely manner our new strategic plan to reposition our whole business model and we finalized on July 1, as anticipated, the transfer of the application processors development team to STMicroelectronics to build a world class partnership,” Lamouche added.
The net financial position at the end of the second quarter was negative $1205 million while the Inventory decreased by $38 million reaching $171 million at the end of the second quarter.
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