PMC-Sierra shares surge after better-than expected results

Shares of PMC-Sierra are soaring following better-than-expected first-quarter results and outlook from the semiconductor and software designer.

Santa Clara, Calif.-based PMC-Sierra Inc. posted a wider net loss Thursday, but adjusted earnings and sales beat expectations. The company also expects second-quarter sales of $135 million to $145 million, above analysts' estimates according to a Thomson Financial survey.

Sumit Dhanda, an analyst with Banc of America Securities, called the results and outlook solid and said it is "likely to please investors following the disappointing (fourth-quarter) performance."

PMC's shares recently traded up $1.17, or 18.4 percent, at $7.54. The stock has traded in a 52-week range of $4.21 to $9.83.