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

FILE PHOTO: A view of the slicing and grinding room at a STMicroelectronics plant in Catania, Italy May 31, 2024. REUTERS/Toby Sterling/File photo

AMSTERDAM (Reuters) -STMicroelectronics reported a second-quarter loss on Thursday, its first in more than a decade, falling short of market expectations as it took a $190-million hit for restructuring and impairment costs.

Shares in the French-Italian chipmaker, which makes power chips for Tesla's drivetrains and eSim modules for Apple's iPhones, closed down 16.6%, its largest single day loss.