Reuters: Technology News: ST-Ericsson delays strategy announcement to later Monday

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ST-Ericsson delays strategy announcement to later Monday Apr 23rd 2012, 07:26 Mon Apr 23, 2012 3:26am EDT (Reuters) - Loss-making mobile chip venture ST-Ericsson delayed a scheduled "before market open" strategy announcement on Monday to the afternoon. The delay was caused by a "technical reason" a spokeswoman said, without elaborating. The announcement is expected to include site closures and job cuts and could include seeking a partner for application processors. ST-Ericsson, a 50-50 joint venture of Sweden's Ericsson and France's STMicroelectronics, is seen as a "strategic asset" for potential buyers such as Nvidia, Intel and Texas Instruments, sources familiar with the situation told Reuters last month. In addition to modems, ST-Ericsson's strength, today's smartphones use application processors that function in the same manner as a central processing unit (CPU) on a computer, running software and graphics. ST-Ericsson has lost $2 billion in its three years of operation as revenues from key clients Nokia and Sony Ericsson shrank 70 percent.

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