PMC-Sierra Squeaks by Targets With Cuts

It's not exactly Goldman Sachs, but a profit is a profit.

Chipmaker PMC-Sierra(PMCS Quote) announced today that it managed costs well enough during the second quarter to eke out a profit, surpassing Wall Street estimates by three cents.

The company reported net income, excluding a series of items, of nearly $30 million, or 13 cents a share, equaling its adjusted income of a year ago.

Including the one-time charges and gains, PMC-Sierra turned in a profit of just $7.8 million, or 3 cents a share. That's down very nearly 100% from the $136 million it posted a year ago, which was aided by a huge tax benefit.

Revenue fell 12% to $123 million from $139.8 million.

PMC chief executive Greg Lang said that the company's "continued cost control" allowed it to keep earnings flat with a year ago even as revenue declined.

Shares of PMC were moving after-hours Thursday at $8.73, up 12 cents from the regular session close.

Broadcom(BRCM Quote) also reported results after the bell, saying its profit fell almost as much as did PMC-Sierra's.