If you need to borrow a couple of bucks to tide you over until payday, then the folks over at Broadcom should be feeling altruistic. The chip maker's latest financials show that it pulled in $2.13 billion turnover and a cool $220 million profit. While that's more than the $160 million it pulled in in the second quarter, it's a little off the $270 million it made in the same period last year. Given that the company's innovating with both 802.11ac chips and branching out into the wireless headphone business, they might even lend you some cash next month, too.
Broadcom Reports Third Quarter 2012 Results
Record Quarterly Net Revenue and Cash Flow from Operations
IRVINE, Calif., Oct. 23, 2012 /PRNewswire/ --
Q3 GAAP Results
Total Revenue: $2.13 billion (up 8.7% year-over-year, up 8.0% quarter-over-quarter)
Product Gross Margin: 48.8%
Diluted EPS: $.38 (includes $0.21 of net non-recurring and acquisition-related charges)
Cash Flow from Operations: $621 million
Q3 Non-GAAP Results
Product Gross Margin: 52.1%
Diluted EPS: $.79
Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor solutions for wired and wireless communications, today reported unaudited financial results for its third quarter ended September 30, 2012.
"Broadcom delivered record quarterly revenue and operating cash flow in Q3 driven by strength across all of our business segments," said Scott McGregor, Broadcom's President and Chief Executive Officer. "We also achieved key company milestones including our first quarter above $2 billion in revenue and our first quarter of Mobile and Wireless revenue above $1 billion. Despite challenging market conditions, Broadcom's product pipeline is stronger than ever, positioning us for continued success in the communications semiconductor space."
Net revenue for the third quarter of 2012 was $2.13 billion. This represents an increase of 8.0% compared with the $1.97 billion reported for the second quarter of 2012 and an increase of 8.7% compared with the $1.96 billion reported for the third quarter of 2011. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of 2012 was $220 million, or $.38 per share (diluted), compared with GAAP net income of $160 million, or $.28 per share (diluted), for the second quarter of 2012 and GAAP net income of $270 million, or $.48 per share (diluted), for the third quarter of 2011.
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 and nine months ended September 30, 2012 and 2011, respectively, 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 third quarter of 2012 was $476 million, or $.79 per share (diluted), compared with non-GAAP net income of $435 million, or $.72 per share (diluted), for the second quarter of 2012 and non-GAAP net income of $473 million, or $.81 per share diluted, for the third quarter of 2011.
Conference Call Information
As previously announced, Broadcom will conduct a conference call with analysts and investors to discuss its third quarter 2012 financial results and current financial prospects today at 1:45 p.m. Pacific Time (4:45 p.m. Eastern Time). The company will broadcast the conference call via webcast over the Internet. To listen to the webcast, or to view the financial and other statistical information required by Securities and Exchange Commission Regulation G, please visit the Investors section of the Broadcom website at www.broadcom.com/investors. The webcast will be recorded and available for replay until 11:59 p.m. Pacific Time on Friday, November 23, 2012.
The financial results included in this release are unaudited.