PMC-Sierra Inc’s (PMCS) Q1 revenue was up about 5% as compared to the same period last year. CEO Gregory Lang says the increase is attributed to growth in the storage business.
“For our storage business, which was 72% to 73% of Q1’s number, we tend to see 5% to 10% seasonality in Q1, but this quarter, storage was down only about 2%,” Lang says. “So it was quite a bit more modest than the normal seasonal decline. And if you look at the year-over-year storage numbers, storage was up 11% year over year for Q1. So we saw very nice growth in that area, and we expect it to continue in the third quarter.”
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However, Lang says the double-digit growth in the storage business was offset by the more challenging carrier business.
“We had a strong start to the year last year in the carrier space, and some of that wireless buildout we were talking about earlier was running at a slower level in Q1 of this year so that offset the storage growth,” Lang says. “But at a high level, we are pleased with the results in storage because it demonstrated some very nice growth year over year, and thus, somewhat offset the slower temporary sales in the carrier space.”
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