The Geneva, Switzerland-based company reported a net loss of $758 million, or 84 cents per share, in the three months ended June 30, compared with net income of $168 million, or 19 cents per share, in the second quarter of 2006.

Revenue for the just ended quarter rose 6 percent from the first quarter but fell 3 percent from the second quarter of 2006 to $2.42 billion, matching the average estimate of analysts polled by Thomson Financials. ST posted revenue of $2.49 billion in the year-ago quarter.

ST slipped into the red in the latest quarter primarily because of a $906 million charge related to impairment and restructuring costs. The charges pushed the company into an operating loss of $772 million for the quarter, compared with operating income of $169 million in the second quarter of 2006.

"From the operational point of view, ST's sequential revenue results, led by recovery in wireless and digital consumer, concretely demonstrate our ability to increase sales and, we believe, gain market share," said Carlo Bozotti, ST's president and CEO, in a statement.

By: DocMemory
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