Broadcom reports second quarter 2014 results

Tuesday, July 22nd, 2014 
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IRVINE, Calif. — Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor solutions for wired and wireless communications, today reported unaudited financial results for its second quarter ended June 30, 2014.

Net revenue for the second quarter of 2014 was $2.04 billion. This represents an increase of 2.9% compared with the $1.98 billion reported for the first quarter of 2014 and a decrease of 2.3% compared with the $2.09 billion reported for the second quarter of 2013. Net loss computed in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of 2014 was $1 million, or $0.00 per share (basic and diluted), compared with GAAP net income of $165 million, or $0.28 per share (diluted), for the first quarter of 2014 and GAAP net loss of $251 million, or $0.43 per share (basic and diluted), for the second quarter of 2013.

GAAP net loss for the second quarter of 2014 included charges for the impairment of long-lived assets, restructuring costs and an inventory write-down related to our decision to exit the cellular baseband business totaling $187 million, or $0.32 per share, and additional charges for the impairment of other purchased intangible assets, settlement costs and other gains of $48 million, or $.08 per share. GAAP net income for the first quarter of 2014 included a net gain on sale of certain assets of $52 million and purchased intangible impairment charges of $25 million, for a total positive impact to GAAP net income per share of $0.05. GAAP 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.