PMC-Sierra 3Q profit in line, sales fall short

PMC-Sierra 3rd-quarter profit in line with views; sales fall short of estimates

Associated Press

SUNNYVALE, Calif. (AP) -- Chipmaker PMC-Sierra Inc. reported a smaller third-quarter loss but its revenue slipped below Wall Street forecasts.

Its net loss in the three months to Sept. 28 fell to $2.7 million, or a penny per share, from a loss of $274.1 million, or $1.31 per share, a year earlier.

Excluding certain items like the cost of paying executives in stock, adjusted earnings came to 10 cents per share, in line with the forecast of analysts polled by FactSet.

Revenue fell 2 percent to $128.9 million, below the $130 million expected by analysts.

CEO Greg Lang said the quarter played out "largely as expected" and that the company remains committed to tightly managing its expenses.

Shares closed up 2.6 percent at $6.70 before the results were released. They were unchanged in extended trading and are up 29 percent this year.

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