Semiconductor company ST-Ericsson announced a net loss of US$211 million for the third quarter of 2011, compared with a loss of US$121 million in the third quarter of 2010, on net sales of US$412 million, down from US$565 million. Gilles Defassy, the company’s president and CEO, said that sales were “slightly ahead of expectations,” and that revenue from its new products now make up more than half of sales. In its own results, co-"parent Ericsson said that it “still believes in [ST-Ericsson’s] recovery to profitability and positive operating cash flows,” but that “in the event of a significant worsening of the current market conditions, we may consider additional actions to improve performance.”