Novellus Systems Inc.'s (NVLS) second-quarter loss widened as revenue plunged and the company recorded restructuring charges.

Shares fell 2.2% to $18.25 in after-hours trading after the semiconductor-equipment maker posted its fourth loss in the past five quarters.

The stock price has soared 81% in the past eight months on hopes that the worst is over for the long-struggling sector, but Wall Street expectations for a recovery might now be outpacing the chip equipment market.

"Sometimes it's easy to buy the stock when you know that world is not going to end," said Caris & Co. analyst Benedict Pang, regarding the recent runup. However, charting the pace of a recovery remains a more difficult prospect.

Novellus' customer bookings - a closely watched gauge of future business - missed some of the more bullish Wall Street views, said Pang, although they fell in line with company expectations.

Bookings climbed 43% from the first quarter, in line with the company's May raised forecast of 30% to 55% growth from the previous period.

Meanwhile, results were in line with its April guidance, although the gross margin fell below the company's prediction.

Chief Executive Richard Hill noted "a rebound in orders off of historically low levels" and "increased customer activity." He said Novellus is making structural changes in order to return to profitability before industry conditions return to normal.

In May, Hill said the long-depressed market for semiconductor equipment had bottomed, although he didn't expect strong demand to return quickly. The trade group Semiconductor Equipment and Materials International predicted capital spending by chip makers would drop 43% this year. Several analysts have raised investor ratings on Novellus recently.

Novellus reported a loss of $50 million, or 52 cents a share, compared with a loss of $2.4 million, or 2 cents a share, a year earlier.

The latest results included $15.9 million in charges related to work-force reductions and restructuring and a $4.9 million write-down of inventory and evaluation systems. The prior-year results included $13.6 million in impairment and severance charges related to cost cuts and restructuring. Excluding items, the loss was 41 cents a share, compared with year-earlier earnings of 6 cents.

Revenue dropped 54% to $119.2 million.

In April, Novellus predicted a loss of 35 cents to 45 cents a share on sales of $110 million to $125 million.

Gross margin fell to 26% from 43.1%, below the company's April forecast of 29% to 33%. Shipments increased 30% sequentially.

-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com

(Jerry A. DiColo contributed to this report.)