Broadcom Corporation Beats Q3 2014 Earnings Estimates
Broadcom Corporation (NASDAQ: BRCM) reported unaudited financial results for its third quarter ended September 30, 2014 on Tuesday.
Net revenue for the third quarter of 2014 was $2.26 billion, beating estimates of $2.18 billion. This represents an increase of 10.7 percent compared with the $2.04 billion reported for the second quarter of 2014 and an increase of 5.3 percent compared with the $2.15 billion reported for the third quarter of 2013.
Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of 2014 was $98 million, or $0.16 per share (diluted), compared with GAAP net loss of $1 million, or $0.00 per share (basic and diluted), for the second quarter of 2014 and GAAP net income of $316 million, or $0.55 per share (basic and diluted), for the third quarter of 2013.
Non-GAAP net income for the third quarter of 2014 was $569 million, or $0.91 per share (diluted), above estimates of $0.84 and compared with non-GAAP net income of $406 million, or $0.65 per share (diluted), for the second quarter of 2014 and non-GAAP net income of $460 million, or $0.76 per share (diluted), for the third quarter of 2013.
"Broadcom delivered record quarterly revenue and better than expected operating results," said Scott McGregor, Broadcom's President and Chief Executive Officer. "Our strong performance was driven by the Broadband and Connectivity business and diligent expense management. Longer term, the company's renewed focus on its core businesses is expected to produce improved margins and cash flows, enabling increased capital return."
Broadcom Corp. traded at $39.20 in the after-market session, up 5.01 percent.
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