PMC-Sierra Topped Q2 Estimates, Top Line Up Over 6%

PMC Sierra (NASDAQ:PMCS) reported Q2 EPS of $0.07 per share, ahead of consensus estimates of $0.06 per share. Revenues for the quarter rose 6.4% year-over-year to $171.0 million, ahead of consensus estimates of $168.0 million.

Greg Lang, president and chief executive officer of PMC commented, "Strength in our storage and optical businesses, combined with solid execution, resulted in a strong second quarter. PMC also made several product announcements during the quarter, reinforcing our leading position as the network semiconductor innovator. These announcements spanned the SAS 2 storage, optical networking and mobile connectivity markets."

PMC - Sierra has a potential upside of 19.5% based on a current price of $7.28 and an average consensus analyst price target of $8.70.

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