BRCM beats the Street (19 cents) and Whisper expectations (21 cents)!
Tuesday July 18, 4:56 pm Eastern Time
Broadcom posts higher than expected earnings
IRVINE, Calif., July 18 (Reuters) - Broadcom Corp.Irvine, Calif.-based Broadcom, whose chips allow the high speed transmission of voice, data and video over existing equipment, said its earnings excluding one-time charges rose to $57.4 million, or 23 cents a share, from $20.1 million, or 9 cents a share, a year earlier. Wall Street analysts had expected the company to post earnings of 19 cents a share, according to First Call/Thomson Financial, which compiles earnings estimates.
Revenues more than doubled to $245.2 million from $119.5 million a year earlier.
Broadcom stock, which has roughly doubled since falling below 120 in late May, fell 15-11/16 to 245-3/4 in regular Nasdaq trading, not far off its 52-week high of 261-9/16. Its year-low is 50-3/4. The earnings were announced after the close of trading. |
