Broadcom Reports First Quarter 2008 ResultsTuesday, April 22nd, 2008
IRVINE, Calif. — Broadcom Corporation (Nasdaq: BRCM) today reported unaudited financial results for its first quarter ended March 31, 2008.
Net revenue for the first quarter of 2008 was $1.032 billion, an increase of 0.5% compared with the $1.027 billion reported for the fourth quarter of 2007 and an increase of 14.5% compared with the $901.5 million reported for the first quarter of 2007. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2008 was $74.3 million, or $.14 per share (diluted), compared with GAAP net income of $90.3 million, or $.16 per share (diluted), for the fourth quarter of 2007, and GAAP net income of $61.0 million, or $.10 per share (diluted), for the first quarter of 2007.
Net revenue for the first quarter of 2008 and fourth quarter of 2007 included royalties of $35.6 million and $31.8 million, respectively, received pursuant to a patent license agreement entered into in July 2007.
“Broadcom’s first quarter results came in much stronger than we expected, driven primarily by greater demand within our traditional wireline businesses — Enterprise Networking and Broadband Communications. This increased demand enabled Broadcom to achieve a record revenue level and strong cash flow from operations and to fund an aggressive share repurchase program,” said Scott A. McGregor, Broadcom’s President and Chief Executive Officer. “While we remain cautious on the macroeconomic front, based on strong ordering trends from our customers throughout the first quarter, we expect solid revenue growth for the second quarter within each of our three major target markets.”
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