Updated from 3:15 p.m. ESTShares of Sierra Wireless ( SWIR) were among technology's losers Thursday, falling 38.1% after the company warned of a steep first-quarter shortfall. The wireless equipment maker posted fourth-quarter earnings of $7.3 million, or 28 cents a share, on sales of $58.8 million. Analysts surveyed by Thomson First Call were expecting earnings of 29 cents a share on sales of $63.1 million. Sales were hurt by lower-than-expected demand for PC cards. Looking ahead, Sierra expects to post a first-quarter loss of 35 cents to 38 cents a share on sales of about $19 million. Analysts had been expecting a profit of 20 cents a share on sales of $53.7 million. The shortfall is due to lower sales of embedded modules, lower PC card demand and a market-share loss in the EV-DO PC card market. Shares traded down $5.53 to $8.97. Multimedia Games ( MGAM) fell 16.5% after the maker of electronic gambling machines warned that second-quarter earnings would fall short of expectations. The company earned 17 cents a share, matching its revised earnings guidance, on sales of $39.2 million, which fell below the $40.7 million in sales that analysts had expected. Looking ahead, Multimedia Games forecast second-quarter earnings of 10 cents to 12 cents a share, well below the 21 cents a share that analysts were expecting. The earnings warning marks the second quarter in a row that Multimedia has disappointed investors. In November, the company warned that it would post first-quarter earnings of 16 cents to 17 cents a share, which was well below the 25 cents that analysts had been expecting at the time. Shares traded down $1.79 to $9.04. Shares of JDS Uniphase ( JDSU) fell 8.6% after the maker of optical telecom components warned that third-quarter results would fall below analysts' forecasts. On a pro forma basis the company posted a loss of 2 cents a share during the second quarter on sales of $180.5 million. Analysts were expecting a loss of 1 cent a share on sales of $184.4 million. Looking ahead, JDS expects to post a loss of 2 cents a share on sales of $155 million to $165 million. Analysts had been expecting a loss of 1 cent a share on sales of $192.8 million. Shares traded down 21 cents to $2.24. NetLogic Microsystems ( NETL) rose 15.7% after the semiconductor company posted a fourth-quarter profit that beat expectations. The company posted pro forma earnings of $820,000, or 5 cents a share, on sales of $15.2 million, which represents a 23% sequential increase. Analysts were expecting the company to post a loss of 1 cent a share. Shares traded up $1.69 to $12.49.