Broadcom's third-quarter revenue exceeds expectations
Reuters
Published Oct 21, 2014 05:19PM ET
Broadcom's third-quarter revenue exceeds expectations
By Noel Randewich SAN FRANCISCO (Reuters) - Broadcom (O:BRCM) posted higher third-quarter revenue on Tuesday that exceeded Wall Street's expectations as the chipmaker focused on networking and broadband chips, sending its shares 4 percent higher.
Broadcom, a leader in connectivity chips with features like Wifi and Bluetooth, reported third-quarter revenue of $2.26 billion, up 5.3 percent from the year-ago period. Analysts on average had expected third-quarter revenue of $2.17 billion, according to Thomson Reuters I/B/E/S.
In the third quarter, Broadcom had a net profit of $98 million, or 16 cents a share, compared with a net profit of $316 million, or 55 cents a share, last year.
It said revenue in the fourth quarter would be $2.0 billion to $2.15 billion, with the midpoint of its forecast at $2.075 billion. Non-GAAP earnings per share were 91 cents in the third quarter.
Analysts on average had expected third-quarter revenue of $2.17 billion and fourth-quarter revenue of $2.11 billion, according to Thomson Reuters I/B/E/S.
Broadcom's stock rose 3.8 percent in extended trading after closing up 2.84 percent at $37.33 in regular Nasdaq trade.
(Corrects fourth paragraph to show non-GAAP earnings in third quarter, not second quarter)
(Reporting by Noel Randewich; Editing by Chris Reese, Bernard Orr)
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