For the 2008 fourth quarter STMicroelectronics reported an operating loss of $139 million and a net loss of $366 million, compared to the year-ago quarter operating loss of $15 million and net income of $20 million.

Revenues by Market Segment for Q4 2008 [click to enlarge]

Net revenues for the full year were $9.84 billion compared to 2007 revenues of $10.0 billion. Operating loss was $198 million in 2008, compared to the operating loss of $545 million in 2007. Net loss was $786 million in 2008, compared to a net loss of $477 million in 2007.

STMicro is targeting to reduce their costs by over $700 million in 2009. The actions are a combination of the ongoing restructuring initiatives and new programs that are focused on resizing the Company’s manufacturing operations and streamlining expenses, and are expected to affect about 4,500 net jobs worldwide in 2009.