STMicroelectronics NV narrowed its losses in the second quarter as the chip maker recorded lower charges related to the spinoff of its flash memory division and other restructuring efforts.

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.

Source: AP News