PMC-Sierra 2Q loss expands on revenue fall

PMC-Sierra 2nd-quarter loss expands on decline in revenue

Associated Press

SUNNYVALE, Calif. (AP) -- Shares of PMC-Sierra Inc. fell in after-hours trading Monday after the chipmaker said that its second-quarter loss grew and its revenue fell below Wall Street forecasts.

The company said that in the three months to June 29, it lost $4.2 million, or 2 cents per share. That compares with a loss of $103,000, or breakeven per share, a year ago.

The company also restated earnings for the comparable quarter a year ago to correct errors in how it accounted for income taxes. PMC-Sierra had previously reported quarterly profit of $26.4 million, or 12 cents per share, in the three months through July 1, 2012.

Excluding one-time items adjusted earnings for the most recent quarter came to $16.3 million, or 8 cents per share.

Revenue fell 7 percent to $127.9 million.

Analysts polled by FactSet expected adjusted earnings of 8 cents per share on revenue of $130.7 million.

Shares dropped 55 cents, or 7.9 percent, to $6.46 in after-hours trading. The stock closed up 11 cents at $7.01 in the regular session.