Chipmaker STMicro makes first loss in over a decade, hit by restructuring costs

AMSTERDAM: STMicroelectronics reported a second-quarter loss on Thursday, its first in more than a decade, underperforming market expectations as it was hit by restructuring costs.

The company’s shares fell 11% in early trade, on track for their worst day since July last year.

The Franco-Italian chipmaker, which makes power chips for Tesla’s drivetrains and eSim modules for Apple’s iPhones, posted a loss of $133 million for the quarter, missing the average $56.2 million profit analysts expected in an LSEG poll.