Yawn. ;-)...BRCM Earnings Exceed Expectations
IRVINE (Reuters) - High-speed communications semiconductor maker Broadcom Corp. (NasdaqNM:BRCM - news) on Wednesday reported better-than-expected third-quarter earnings, on strong revenue growth fueled by high-speed Internet access demand.
Pro forma net income, which excludes acquisition-related expenses and stock option-related taxes, rose to $78.7 million, or 30 cents per diluted share, compared with $28.7 million, or 12 cents a share, in the year-ago quarter.
That beat the Wall Street consensus analyst forecast that the Irvine, Calif.-based company would post earnings of 24 cents, according to First Call/Thomson Financial.
Revenues rose 129 percent to $319.2 million, from $139.6 million in the third quarter of 1999.
``The 30 percent sequential revenue increase we experienced this quarter was the result of continued strong momentum in the broadband markets we serve,'' President and Chief Executive Henry Nicholas III said in a statement.
Broadcom, whose chips allow high-speed voice, data and video transmission, saw shares close at $209-3/8 on the Nasdaq before the earnings report, down $14-7/8 or 6.6 percent. In after-hours trade, Broadcom shares rose to $218.
Shares have slipped in recent weeks from a high of $274-3/4 in late August, but still stand above year-ago levels of $54-1/4.
Including the acquisition-related charges and payroll taxes, the third quarter would have registered a net loss of $19.4 million or a 9-cent loss per diluted share compared with net income of $24.6 million or 10 cents profit a diluted share in the year-ago period.
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