PMC-Sierra Posts Smaller 1Q Loss, Tops Street

SANTA CLARA, Calif. (AP) — Shares of Chipmaker PMC-Sierra Inc. traded higher after hours on Thursday after posting a smaller-than-expected loss for the first quarter.

The Santa Clara, Calif.-based company posted a loss of $3.9 million, or 2 cents per share, compared with a loss of $20.9 million, or 10 cents, in the same period a year earlier.

Pro forma profit, which excludes several non-operating items such as $1.9 million in termination costs and a foreign exchange gain, came to $12.4 million, or 6 cents per share.

In the prior year's first quarter, pro forma profit was $23.6 million, or 11 cents.

Revenue came to $102.6 million, down from $125 million.

But analysts polled by Thomson Reuters on average forecast a more modest profit of a penny per share for PMC-Sierra and revenue of $95.8 million. The estimate typically excludes one-time items.

Shares of PMC-Sierra jumped 61 cents, or 8.7 percent, to $7.60 in aftermarket trading, having closed the regular session at $6.99.