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STMicroelectronics profit misses consensus by 53.3% in fiscal Q1

STMicroelectronics NV said its normalized net income for the fiscal first quarter ended March 28 amounted to $4.6 million, compared with a loss of $10.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.3% from negative 0.6% in the year-earlier period.

Total revenue fell 6.6% year over year to $1.71 billion from $1.82 billion, and total operating expenses fell 7.5% from the prior-year period to $1.69 billion from $1.83 billion.

Reported net income came to a loss of $26.2 million, or a loss of 3 cents per share, compared with a loss of $26.7 million, or a loss of 3 cents per share, in the year-earlier period.