Europe's largest maker of semiconductors, STMicroelectronics, said it will look to emerging markets for growth after posting a $142 million third-quarter net loss.
Shares in the French-Italian company sank 6.5 percent in morning trade but CEO Carlo Bozotti told CNBC Wednesday that manufacturing in China is increasing and the firm is perfectly positioned to take advantage of that growth.
(Read More: STMicro struggles with softening smartphone market)
"We are there. I believe we will be even more present," Bozotti said. "We are encouraged by the progress and we will have more products in the future."
Bozotti was defensive over its exposure to the smartphone market and Blackberry, declaring that it was the number one motion sensor maker in China in the automotive sector. It added that since it dissolved the partnership with Ericsson back in August, the company's exposure to Blackberry, which has suffered from dwindling sales, has been limited.