BRCM warns and lowers quarterly earnings estimates to $0.09 from $0.25--- Ooopps... if the market can basically shrug this one off too then I'll be quite surprised.
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biz.yahoo.com
Tuesday March 6, 10:41 pm Eastern Time
Broadcom cuts Q1 outlook, hurt by orders slowdown
NEW YORK, March 6 (Reuters) - Communications chip maker Broadcom Corp
(NasdaqNM:BRCM - news) on Tuesday reviewed downward its earnings and revenue
outlook for the first quarter, hit by a slowdown in customer orders because of the sluggish economy.
The Irvine, Calif.-based company said it now expected earnings per share on a pro-forma basis of between eight and nine cents for the quarter ending in March.
The outlook is quite distant from current analysts' expectations of earnings of 25 cents per share, according to a survey by research firm First Call/Thomson Financial.
Broadcom also said it now expected first quarter revenues of between $315 million and $325 million.
``In February we started seeing a higher level of order delays by our customers,'' the company said in a release on Tuesday night.
``At the end of February we received notice of termination of a significant contract from one of our largest customers,'' it added referring to 3Com Corp (NasdaqNM:COMS - news).
Broadcom shares rose 3/4, or 1.6 percent, to close at $47-7/8 on Tuesday. In the past 52 weeks, the company's share price has fluctuated between $40-3/4 and $274-3/4. |
