STMicro reports quarterly loss, lays off 4,500
Europe’s largest chipmaker, STMicroelectronics, has reported a $366 million net loss for the fourth quarter of 2008, and has said it will lay off as many as 4,500 jobs in a cost-cutting drive.The results for the European firm were released on Tuesday. The fourth quarter of the previous year saw a net income of $20 million. It is not yet known how many of the layoffs will take place in the UK–STMicro employs just over 430 employees in the UK, with a sales office in Marlow and research and development sites in Bristol, Edinburgh, Fleet and Daventry.