STMicro Profit Target May Take Longer to Reach, CEO Says
This article is for subscribers only.
STMicroelectronics NV may take longer to reach a key profit target should last quarter’s dip in demand persist, Chief Executive Officer Carlo Bozotti said.
The company has a goal of reaching a 10 percent operating margin in the mid-term, a target which was previously set to the middle of 2015. While cost cuts will improve profit in coming months, fourth-quarter market trends and the strength of demand will determine when the chipmaker reaches that target, he said.