The net loss -- its first in six years and bigger than Wall Street expected -- was $1.19 billion, or $1.49 per share, compared with earnings of $632 million, or 75 cents per share in the same quarter of 2007, the Pittsburgh-based company said.

The loss from continuing operations, which includes charges of 88 cents per share, was $1.16 per share.

Revenue dropped to $5.7 billion from $7.0 billion, as the price of aluminum slumped. It has fallen some 50 percent since peaking at $3,380 per tonne last July and during the fourth quarter, aluminum dropped from $2,415 on October 1 and was around $1,520 on Monday.

Analysts on average were expecting a loss of 9 cents per share and revenue of $5.061 billion, according to Reuters Estimates. The 9-cent loss estimate compares with a loss of 28 cents excluding the 88 cents for restructuring, impairment and special charges.

Alcoa's share price, which was at a 52-week high of $44.76 last May, has plummeted since demand for aluminum fell in the economic downturn. The shares hit a low of $6.82 on November 20, but have rallied since then. On Monday, they were closed at $10.06 -- down 6.94 percent on the New York Stock Exchange.

Last week, when Alcoa announced the job and production cuts to counter the recession, it said it would take almost $1 billion in charges in the fourth quarter.

(Editing by Andre Grenon)