PMC-Sierra Reports Q4 Revenue of $52.6 million, Cost Cuts

PMC-Sierra announced net revenues of $52.6 million and a pro forma net loss per share of $0.06 for the fourth quarter of 2002. Net revenues decreased 12% compared to $59.6 million recorded in the preceding quarter but increased 11% compared to Q4 2001. PMC-Sierra is undertaking a corporate restructuring that will reduce its employee headcount by 16%. The company had 1,099 employees at the end of 2002. PMC-Sierra said it planned to increase its investments in enterprise, storage, MIPS-based processors, and system-on-a-chip design capabilities.
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