STMicroelectronics’ Q3 net income down 21% y/y to USD71 million
Expects favorable outlook in automotive and industrial markets to drive growth in the fourth quarter
STMicroelectronics reported 21% year-over-year (y/y) decline in net income to USD71 million in the third quarter ended 1 October 2016, the company said in a press release last week. The company witnessed a sharp decline in net income despite net revenue improving 1.9% y/y to USD1.8 billion. STMicroelectronics’ operating income also dropped slightly to USD90 million. The company reported net cash from operating activities of USD330 million and free cash flow of USD100 million.
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