Time multiplexed processing of multiple SONET signals uses the same shared circuitry for framing, descrambling, maintenance signal processing, control byte processing and extraction, pointer tracking, retiming, and alarm indication. The signals are deserialized and multiplexed onto a byte-wide bus from which they are processed in a shared pipeline. Additional pipelines allow scaling up to higher capacity SONET signals. Each pipeline is provided with means for communicating with the other pipelines so that information derived from the processing of one stream can be shared with the processing of other streams when necessary. According to the presently preferred embodiment, bytes pass through the pipeline in five clock cycles.