STMicroelectronics NV (ADR) (NYSE:STM) Narrows Q1 Net Loss Compared to Year-Ago

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STMicroelectronics NV (ADR) (NYSE:STM) shares were up more than 2% Tuesday after reporting a smaller Q1 net loss than analysts were expecting although its quarterly revenue came up shy of projections.

The Swiss specialty chip-maker posted an adjusted net loss of $0.03 per share, improving on a $0.19 loss in the year-ago period and beating the Capital IQ consensus by $0.01 per share. Revenue fell 9.2% over the same period last year to $1.83 billion, lagging estimates by around $20 million. Excluding its legacy ST-Ericsson products, sales grew 0.7% year-over-year, STM said.

The company also is projecting Q2 revenue to decline between 1.5% to a rise of 5.5% from Q1 levels to a range of around $1.8 billion to $1.93 billion, in-line with the $1.93 billion consensus.

Separately, STM late Monday said it promoted Jean-Marc Chery to chief operating officer, elevating him from his current responsibilities as general manger of its embedded processing solutions unit. He’ll also continue in his role as vice chairman of the company’s corporate strategic committee.

STM shares were ahead nearly 2.3% at $9.42 apiece in recent trade, slipping 5 cents from its intra-day high. The stock has a 52-week range of $7.20 to $10.05 a share, advancing about 17.7% during the past year.

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