July 30, 2012 / 7:48 PM / in 5 years

PMC-Sierra second-quarter beats expectations

(Reuters) - Chipmaker PMC-Sierra Inc’s second-quarter results came in slightly above estimates, even as revenue fell due to slowing sales to its storage customers.

The company, which makes chips used for networking servers in data centers, posted a profit of $26.5 million, or 12 cents per share, compared with $16.7 million or 7 cents per share, a year earlier.

The second quarter results were boosted by a tax credit of $28.5 million.

Excluding one-time items, the company earned a profit of 9 cents per share, above the 8 cents per share expected by analysts, according to Thomson Reuters I/B/E/S.

Revenue fell 19 percent to $137.8 million during the three-month period, slightly above the $137.6 million expected by analysts on average.

The company’s shares were down 1 percent at $5.93 on the Nasdaq on Monday afternoon.

Reporting by Neha Alawadhi in Bangalore; Editing by Sreejiraj Eluvangal

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