UPDATE: PMC-Sierra Posts Better-Than-Expected Q4 Results

PMC-Sierra

reported a 61% drop in its fourth-quarter profit. PMC-Sierra's quarterly income fell to $11.1 million, or $0.05 per share, from $28.4 million, or $0.12 per share, in the year-ago period. Excluding one items, it earned $0.12 per share. Its revenue declined 15% to $129.4 million. However, analysts were expecting a profit of $0.10 per share on revenue of $126 million. Its gross margin rose to 71.7% from 69.1% PMC-Sierra shares closed at $5.78 yesterday.