STMicro narrows 2Q loss

The Geneva-based company's net loss was $47 million, or 5 cents per share, compared with a loss of $758 million, or 84 cents per share, during the year-ago period.

Excluding one-time charges, STMicroelectronics would have made a profit of 18 cents per share, 4 cents higher than the average estimate of analysts polled by Thomson Financial.

Analyst estimates typically exclude charges such as the $224 million STMicroelectronics recorded in the three months ended June 28 for restructuring, write-downs and other one-time expenses. Stripping out those charges gives investors a clearer picture of the company's underlying profitability.

Sales for the period were $2.38 billion, a slight decline from the $2.41 billion in revenues STMicro rang up last year. Analysts were expecting $2.39 billion in revenues.

The company's U.S.-traded shares rose 3 cents to $10.67 in after-hours dealings. They lost 76 cents, or 6.7 percent, to finish the regular trading session at $10.64.