Despite the softening smartphone market, Europe's largest maker of semiconductors STMicroelectronics will recover later in the year, the company's chief executive told CNBC on Tuesday.
STMicroelectronics posted a second-quarter loss more than double that of a year earlier, as it struggles with a softening smartphone market and an uncertain home economy.
"We see a good direction on many products and in the very recent weeks we have seen a softening in the smartphone market but that's it. Overall, the bookings in the second quarter were good," Bozotti told CNBC Europe's "Squawk Box."
"We expect to get back to profit in the fourth quarter of this year," Carlo Bozotti told CNBC.