STMicroelectronics N.V. (STM), a European semiconductor company, Thursday announced decreased earnings in the fourth quarter hurt by lower revenue.
For the fourth quarter, the net income decreased to $341 million from $1.076 billion in the previous year's quarter.
The earnings per share has also decreased to $0.37 compared with $1.14 in the prior year.
The net revenue dropped to $3.32 billion from $4.28 billion last year's quarter. Net sales to OEMs decreased 19.8% and that to Distribution dropped 28.7%, the company said in a statement.
Looking ahead, the company expects first-quarter net revenue to decline 24.4 percent sequentially to $2.51 billion.
Wednesday, the stock had closed at $24.74, 16 cents higher on the New York Stock Exchange. In the after market hours, the stock traded 6 cents higher before ending the trade at $24.80.
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