ST-Ericsson reports fourth quarter 2010 financial results

ST-Ericsson, a joint venture of STMicroelectronics and Ericsson that develops mobile platforms and wireless semiconductors, has announced its financial results for the fourth fiscal quarter ending 31 December 2010.

Net sales for the quarter totaled $577m (£313m), representing a two per cent sequential increase.

Adjusted operating loss came to $119m, showing a sequential increase that the company attributed to higher operating expenses reflecting anticipated seasonality and currency effects, as well as price erosion due to ongoing legacy product transition.

On a positive note, the company completed its restructuring plans on time and made $13m of savings.