PARIS: STMicroelectronics NV said it will shut down its set-top-box chip business and eliminate or redeploy 2,000 jobs as chief executive officer Carlo Bozotti seeks to cut losses at the unprofitable unit. Shares of Europe’s biggest semiconductor maker jumped.
The restructuring comes as fourth quarter earnings showed a decline on all key indicators from the previous quarter: Net income dropped to US$2mil, the gross margin fell to 33.5% and revenue shrank to US$1.7bil.
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