Wednesday April 18, 4:26 pm Eastern Time
Broadcom Q1 earnings meet lowered estimates
IRVINE, Calif., April 18 (Reuters) - High-speed communications semiconductor maker Broadcom Corp. (NasdaqNM:BRCM - news) on Wednesday reported first-quarter earnings that met the company's lowered guidance, as reduced orders from its main customers led to a weaker performance than the prior quarter.
Pro forma net income, which excludes acquisition-related expenses and payroll taxes on stock option exercises, was $24.2 million, or 9 cents per diluted share, down from $44.9 million, or 18 cents a share in the year-ago quarter.
Earnings met the Wall Street consensus analyst earnings forecast for the Irvine, Calif.-based company of 9 cents a share, according to research firm Thomson Financial/First Call. Earnings estimates from nine brokers ranged from 7 to 9 cents.
Net revenues rose 62 percent year-over-year to $310.5 million, from $191.6 million in the first quarter of 2000, but fell from the fourth quarter.
Broadcom lowered earnings expectations a month ago to reflect weakness from its three major customers: Cisco Systems (NasdaqNM:CSCO - news), Motorola Inc. (NYSE:MOT - news) and 3Com Corp. (NasdaqNM:COMS - news).
Shares of Broadcom have underperformed the tech-heavy Nasdaq, falling some 60 percent since the start of the year compared with the Nasdaq's 16 percent decline. In contrast, the Philadelphia semiconductor index (^SOXX - news) is up about 7 percent from levels at the start of the year.
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Not bad at all. In fact, a lot better than the performances of its three major customers.
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