STMicro Exits Set-Top Boxes, Eliminates Jobs as Sales Wane

  • 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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