Evolving product portfolio delivers strong results

STMicroelectronics has reported financial results for the fourth quarter and full year ended 31st December 2006.

STMicroelectronics has reported financial results for the fourth quarter and full year ended 31st December 2006.

Net revenues for the fourth quarter were US $2483 million, representing an increase of 3.9% over the $2389 million reported in last year's fourth quarter.

Year-over-year growth was driven by double-digit increases in the industrial and consumer market segments.

Sequentially, net revenues decreased 1.2% from the $2513 million reported in the prior quarter, largely reflecting lower wireless sales.

President and CEO Carlo Bozotti commented: "Looking at the fourth quarter and near-term environment, the current market correction underway in some of the key applications we serve is more pronounced than forecasted".

"Our wireless results, in particular, came in well below historical seasonal revenue patterns and were also negatively impacted by product mix shift towards the low end, which put additional pressure on our margins and operating performance in the quarter".

Net revenues for the year ended 31st Dece