STMicro Exits Set-Top Boxes, Eliminates Jobs as Sales WaneBy
Stock jumps as CEO seeks strategic changes to revive profit
Chipmaker projects revenue will continue to drop this quarter
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.
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