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Technology Stocks : Broadcom (BRCM)
BRCM 54.670.0%Feb 9 4:00 PM EST
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To: Rex Dwyer who wrote ()7/22/1998 3:38:00 PM
From: Geof Hollingsworth  Read Replies (1) of 6531
 
Amazingly quiet here given the visibility and interest in BRCM and it's space. My take on the quarter is "Thanks be to God for GI". The ramp to support GI's intro of digital set-top boxes is what generated the pop in the quarter's revenue, which more than offset the softness in revenues from the networking side which many of us forecast at the time of the IPO (you could look it up...). Couldn't offset the price declines, however-note that overall gross margins declined 600 basis points from the first quarter's numbers, but to a still-respectable 55% level. Analysts projections for the company show revenues next year of $275 million, which will clearly require that things continue to go the company's way, and even using that projection, the stock trades at 90X CY99 earnings. Looks to me like there is not enough upside left to counter the downside risk.
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