ST-Ericsson’s Q3 loss was $211m on sales of $412m which represented a decline of 27% on Q3 2010 sales of $565m while the loss compared to a Q3 2010 loss of $121m.
The company expects Q4 sales to be broadly flat with Q3 or slightly up.
"Our financial performance continues to be challenging, but in addition to growing sales of new products, we’re on plan to execute the cost-saving measures announced in June," says CEO Gilles Delfassy.
The Q2 2011 net loss was $221m compared with a loss of $139m in Q2 2010; sales were $385m compared with $444m in Q1 2011 and with $544m in Q2 2010.
ST-Ericsson has been sinking since its formation in 2008 and its beginning of trading in February 2009.
The company’s Q1 2011 sales of $444m were down on Q4 2010 sales of $577m and on Q1 2010 sales of $606m.
The Q1 2011 loss was $149m compared to the Q4 2010 loss of $119m and the Q1 2010 loss of $114m.
The company has had four job-cutting rounds since its formation. In November 2008, the company cut operating expenses by $250m in an initial round of restructuring.
Then, in April 2009, the company said it would cut 1,200 jobs expected to save $230m in costs. Later that year a further 600 jobs could be cut with the aim of saving a further $115m. This year it announced a reduction of 500 jobs to save $120m in costs.
