UPDATE 1-PMC-Sierra Q2 profit beats Street
* Q2 non-GAAP EPS $0.13 beats est $0.10
* Q2 rev $123.2 mln vs est $119.5 mln
* Projects Q3 sales above analysts' view
July 23 (Reuters) - PMC-Sierra Inc (PMCS.O: Cotización) reported a quarterly profit that beat market estimates, helped by strong demand for its products from key customer Hewlett-Packard and improved demand for its fiber-to-the-home business.
Second-quarter net income fell to $7.8 million, or 3 cents a share, from $135.9 million, or 60 cents a share, a year earlier. Excluding items, the company earned 13 cents a share.
Revenue fell 12 percent to $123.2 million. Analysts were expecting earnings of 10 cents a share, excluding exceptional items, on revenue of $119.5 million, according to Reuters Estimates.
For the third quarter, the company forecast revenue of $125 million to $135 million compared with analysts' expectation of $123.8 million.
PMC-Sierra shares closed at $8.73 Thursday on Nasdaq. (Reporting by S. John Tilak in Bangalore; Editing by Pradeep Kurup)
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