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Broadcom Slumps; Q3 Results Top Estimates; Sees Sequentially Flat Q4 Revenue (Revised)

October 22, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Broadcom (BRCM) shares are down sharply in late trading after the chip maker posted Q3 earnings.

Note: Broadcom has the confusing habit of reporting only GAAP profits, while the Street tracks non-GAAP results. This made it look like the company suffered a huge earnings miss in the quarter, although this turns out not to be the case. Read on.

For the quarter, the company reported revenue of $1.254 billion, up 20.6 percent from the second quarter, down 3.4 percent from a year ago, and ahead of the Street at $1.16 billion.

GAAP EPS was 16 cents a share, which a Broadcom spokesman notes is above the Street at 11 cents. On a non-GAAP basis–a number not in the release–the company earned 40 cents, beating the Street consensus at 33 cents.

Read the rest of this post on the original site

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