27 Apr '16, 8am

ST makes $41m loss pays $88m dividend

ST makes $41m loss pays $88m dividend

Cash dividends worth $88 million were paid out to shareholders. “While revenues declined sequentially by 3.3% in the first quarter, we are focused on returning to year-over-year growth,” said CEO Carlo Bozotti. In Q1 , ST realigned its product families into three product groups to better leverage the product synergies around its strategic focus on Smart Driving and Internet of Things applications: Automotive and Discrete Group (ADG); Analog and MEMS Group (AMG) and Microcontrollers and Digital ICs Group (MDG). MDG includes ST’s set-top-box business which is currently undergoing a restructuring targeting annualized savings of $170 million upon completion. ST’s forecast for Q2 is an increase in revenues of 5.5% plus or minus 3.5%. Bozotti said: “During the first quarter we started to see signs of a recovery in the industry, with bookings improving across all regions and part...

Full article: http://www.electronicsweekly.com/news/business/st-makes-4...

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