STMicroelectronics (STM) swung to a net profit for the quarter ended Apr. 01, 2017. The company has made a net profit of $108 million, or $ 0.12 a share in the quarter, against a net loss of $41 million, or $0.05 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $112 million, or $0.12 a share compared with a net loss of $16 million, or $0.02 a share in the last year period. Revenue during the quarter grew 12.90 percent to $1,821 million from $1,613 million in the previous year period. Gross margin for the quarter expanded 426 basis points over the previous year period to 37.62 percent. Operating margin for the quarter period stood at positive 7.08 percent as compared to a negative 2.05 percent for the previous year period.
Operating income for the quarter was $129 million, compared with an operating loss of $33 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $134 million compared to operating loss of $5 million in prior year period.
“The positive momentum we have had over the last quarters has continued entering 2017,” commented Carlo Bozotti, STMicroelectronics President and Chief Executive Officer.
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