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STMicroelectronics cuts 4,500 jobs
Nibble
Losing money
Wed Jan 28 2009, 09:26
SWISS chip maker STMicroelectronics has axed 4,500 jobs worldwide after it posted a $366 million loss.
Revenue fell 17 per cent to $2.28 billion from $2.74 billion which is blamed on the usual global recession thing. The cuts are about 9 percent of the Geneva-based outfit's work force.
The loss spooked analysts which expected the outfit to turn in a small profit. µ
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STMicroelectronics is not a Swiss company, it is Franco-Italian. True that they're in the Alps, but not on the same side :-)