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PMC-Sierra Reports Q2

SUNNYVALE, Calif. — PMC-Sierra, Inc., (Nasdaq:PMCS) or PMC, the semiconductor innovator transforming storage, optical and mobile networks, today reported results for the second quarter ended June 26, 2011.

Net revenues in the second quarter of 2011 were $171.0 million, a sequential increase of 9% compared with $157.4 million in the first quarter of 2011, and 6% higher than net revenues of $160.7 million in the second quarter of 2010.

In the second quarter of 2011, the Company reported GAAP net income of $16.7 million, or $0.07 per diluted share, compared with GAAP net loss in the first quarter of 2011 of $7.7 million, or $0.03 per share. Non-GAAP net income in the second quarter of 2011 was $40.2 million, or $0.17 per diluted share, compared with non-GAAP net income of $30.6 million, or $0.13 per diluted share, in the first quarter of 2011.

Read the full press release.

{complink 4350|PMC-Sierra Inc.}

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