CEO

ST-Ericsson CEO sees very difficult 2012

Reuters News
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Posted: Jan 24, 2012 12:48 PM
ST-Ericsson CEO sees very difficult 2012

(Reuters) - Loss-making mobile chip venture ST-Ericsson will face a tough 2012, its new Chief executive Didier Lamouche said on Tuesday.

"2012 will be very difficult. Clearly, at coming quarters, we will be challenged," Lamouche said on a conference call with analysts.

Late on Monday ST-Ericsson warned that revenue in the current quarter will fall sharply and posted a fourth-quarter net loss of $231 million, compared with a $177 million loss in the year-ago quarter.

Lamouche said the venture's owners were absolutely ready to increase financing, which is needed to turn the company around.

(Reporting by Tarmo Virki; Editing by David Holmes)