Broadcom Announces First Quarter Financial Results
[Via Satellite 04-28-2014] Broadcom has reported its financial results for the first quarter ending on March 31, 2014. The net revenue for the quarter was $1.98 billion, a 3.9 percent decrease compared to the fourth quarter of 2013, and a 1 percent decrease compared to first quarter 2013 revenue. Net income as computed by the U.S. Generally Accepted Accounting Principles (GAAP) for the first quarter of 2014 was $165 million, or $0.28 per share (diluted).
“Broadcom delivered overall results ahead of expectations in the March quarter,” said Scott McGregor, Broadcom’s president and CEO. “The upside was driven by strength in broadband and infrastructure, stronger-than-expected gross margins and continued operating expense discipline. In the current quarter, we expect momentum in infrastructure and broadband to continue, driven by service provider spending on network build outs and technology upgrades.”
GAAP net income for the 2014 first quarter also included a net gain on the sale of assets totaling $52 million and purchased intangible impairment charges of $25 million.