Here's 2Q '98 earnings report...Top line growth was amazing.
Fasten your seatbelts for tomorrow's ride.
Broadcom Corp. Reports Second Quarter Revenue and
Profit
IRVINE, Calif.--(BUSINESS WIRE)--July 21, 1998--Broadcom Corp. (Nasdaq: BRCM - news)
Tuesday reported financial results for the quarter ended June 30, 1998.
Revenue for the second quarter of 1998 was $45.2 million, an increase of 737% over the $5.4 million in the second quarter of 1997. Net income for the second quarter of 1998 was $7.7 million, or $0.16 per share, compared with a net loss of $1.1 million, or $0.04 per share, in the second quarter of 1997. The second quarter 1998 earnings per share data were based on weighted average shares outstanding of 47.9 million, which included shares issued in the Company's initial public offering in April 1998.
''Broadcom's multiple broadband market strategy and our strong customer relationships have continued to drive substantial growth for the company,'' said Dr. Henry T. Nicholas, III,Broadcom's president and chief executive officer. ''In the quarter just ended, we had continued strength in all of our major markets, with particular success in digital set-top boxes and cable modems.
''We have seen increased deployment of digital cable set-top boxes and cable modems, as consumers demonstrate their preference for high quality digital video, more channels of content,and faster, more convenient means of accessing the Internet. In the networking market, we have seen an acceleration of demand as deployments shift from the older 10 Megabit per second (Mbps) Ethernet to 100 Mbps Fast Ethernet.
''Broadcom continues to invest heavily in the development of new industry standards. In particular, Broadcom's early standardization work in the cable modem market has resulted in our shipment this quarter of the industry's first cable modem chips compliant with the new industry standard, which is called DOCSIS (Data Over Cable Service Interface Specification). In the networking market, Broadcom has also taken a very active role in helping to develop the standard for the emerging copper-based Gigabit Ethernet (1000 Mbps) technology.''
''During the second quarter, we made several strategic announcements that demonstrate our intent to be the industry leader across multiple broadband communications markets,'' said Nicholas.
''We announced a joint collaboration with Sony to develop a range of products for the digital TV market. This includes a digital TV receiver that supports High Definition TV (HDTV), Standard Definition TV (SDTV) and digital cable-TV transmission all on a single chip. We also announced production availability of our single-chip, rate-adaptable ADSL/VDSL (Asymmetrical Digital Subscriber Line/Very High Speed Digital Subscriber Line) solution for central office and customer premises equipment. This chip will allow Local Exchange Carriers to cost-effectively deliver to customers, over existing telephone lines, a wide range of new digital services, including digital video, video conferencing, and high-speed Internet access.''
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