First quarter revenues of $2.

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36 billion grew 13.5% year over year and decreased 1.1% sequentially.
- Net income per diluted share was $0.14 for the first quarter compared to $ -0.03 in the year ago quarter.
- Net operating cash flow was $187 million in the quarter.
GENEVA, April 25 /PRNewswire-FirstCall/ -- STMicroelectronics (NYSE:STM) reported financial results for the first quarter ended April 1, 2006.
Revenues, Gross Profit, and Margin Review
Net revenues for the first quarter were $2,364 million, 13.5% above the $2,083 million reported in last year's first quarter. This year-over-year growth was driven by double-digit sales increases in automotive and wireless applications. Wireless revenues grew over 40% compared to the year-ago quarter. Sequentially, net revenues declined 1.1% from the $2,389 million reported in the prior quarter. Sequential sales performance was driven by growth in automotive and digital consumer applications. In addition wireless application revenues, while lower sequentially, experienced less seasonality than originally expected.