Broadcom reports second quarter 2013 results

IRVINE, Calif. — Broadcom Corporation (NASDAQ: BRCM) today reported unaudited financial results for its second quarter ended June 30, 2013.

Net revenue for the second quarter of 2013 was $2.09 billion. This represents an increase of 4.2% compared with the $2.01 billion reported for the first quarter of 2013 and an increase of 6.0% compared with the $1.97 billion reported for the second quarter of 2012. The net loss computed in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of 2013 was $251 million, or $.43 per share (basic and diluted), compared with GAAP net income of $191 million, or $0.33 per share (diluted), for the first quarter of 2013 and GAAP net income of $160 million, or $.28 per share (diluted), for the second quarter of 2012.

The net loss for the second quarter of 2013 included a purchased intangible impairment charge of $501 million, or $.87 per share, which was primarily related to Broadcom’s acquisition of NetLogic Microsystems, Inc.

In addition to GAAP results, Broadcom reports adjusted net income and adjusted net income per share, referred to respectively as “non-GAAP net income” and “non-GAAP diluted net income per share.” A discussion of Broadcom’s use of these and other non-GAAP financial measures is set forth below. Reconciliations of GAAP to non-GAAP financial measures for the three months ended June 30, 2013, March 31, 2013 and June 30, 2012 and the six months ended June 30, 2013 and 2012 appear in the financial statements portion of this release under the heading “Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments.”

Non-GAAP net income for the second quarter of 2013 was $436 million, or $.70 per share (diluted), compared with non-GAAP net income of $400 million, or $0.65 per share (diluted), for the first quarter of 2013 and non-GAAP net income of $435 million, or $.72 per share (diluted), for the second quarter of 2012.