After a profit of $20 million in the fourth quarter of 2007, European semiconductor maker STMicroelectronics has reported a massive loss for the same period this year, a $366 million net loss, according to ZDNet. As part of a move to cut costs, the company is set to lay off up to 4,500 staff.
In a statement, STMicro president and chief executive, Carlo Bozotti said:
"Fourth-quarter net revenues came in at the mid-point of our updated outlook and reflected the accelerated level of order push-outs and cancellations and decrease in demand as the quarter progressed. All product areas were negatively affected, in particular automotive, wireless and computer peripherals."
