Broadcom Updates Second Quarter 2001 Financial Outlook
Conference Call Scheduled Thursday, June 7, 8:45 a.m. Eastern Time
IRVINE, Calif.--(BUSINESS WIRE)--June 6, 2001--Broadcom Corporation (Nasdaq:BRCM - news) today updated the outlook for its financial performance for the second quarter ending June 30, 2001.
``The continued weakness in the technology sector requires that we lower expectations for second quarter revenue to a decrease of between 32% and 35% from the first quarter,'' said Dr. Henry T. Nicholas III, Broadcom's President and CEO. ``Although current demand conditions continue to be soft, we are starting to see some signs of stabilization in the business for the second half of the year. We also continue to introduce new market-leading products and to gain important design wins with customers that position us well to compete effectively in our markets as the economy recovers.''
``In response to the numerous acquisitions made in the last two years and the current more challenging economic climate, we are taking steps to streamline our business,'' Nicholas continued. ``Accordingly, in the first quarter earnings conference call on April 18, we indicated that we were conducting a thorough review of all of our business units with the intent of making reductions in some areas and increasing the level of strategic investment in others. We are beginning to implement these plans during the current quarter. This will result in business unit re-alignment, net staffing reductions, facility consolidations, and other actions that will result in an associated charge to be taken during the second quarter.''
biz.yahoo.com |
