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STMicroelectronics profit beats consensus by 131.2% in fiscal Q2

STMicroelectronics NV said its normalized net income for the fiscal second quarter ended June 27 amounted to 3 cents per share, compared with the S&P Capital IQ consensus estimate of 1 cents per share.

EPS declined 27.5% year over year from 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $27.1 million, a decrease of 32.8% from $40.4 million in the year-earlier period.

The normalized profit margin fell to 0.8% from 2.2% in the year-earlier period.

Total revenue decreased 5.6% year over year to $1.76 billion from $1.86 billion, and total operating expenses decreased from the prior-year period to $1.68 billion from $1.75 billion.

Reported net income increased 36.9% year over year to $61.3 million, or 6 cents per share, from $44.8 million, or 4 cents per share.