STMicroelectronics has reported a 14.6% increase in net revenues for the second quarter with growth compared to the same quarter last year led by nearly 20% gains in both the industrial and wireless markets.

The chipmaker’s $2.39bn second quarter revenues were also 9.7% ahead of the previous quarter.

Application specific products grew 8.4% sequentially and 15.9% year-over-year to $1.51bn being driven by strong wireless performance led by 3G digital baseband and device unit growth in connectivity and imaging.

On a sequential basis, consumer market segment posted double-digit sales growth, primarily driven by portable navigation device shipments.

Gross profit was $880m for the second quarter. But during the quarter, ST entered into negotiations to sell its Phoenix fab and as a result restructuring charges and other closure costs resulted in an operating loss of $26m in the second quarter.

“On top of strong revenue results, our gross margin and operating expenses were essentially in-line with our initial expectations,” said the company.

Capital expenditures were $272m during the second quarter of 2008, compared to $258m in the prior quarter and $222m in the year-ago quarter.