Broadcom Earnings: Beats Estimates on Record 2012 Revenue
Broadcom Corp. (NASDAQ:BRCM) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.93%.
Broadcom Corp. Earnings Cheat Sheet
Results: Net income increased 81.89% to $462 million (76 cents per diluted share) in the quarter versus a net gain of $254 million in the year-earlier quarter.
Revenue: Rose 14.29% to $2.08 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Broadcom Corp. reported adjusted net income of 76 cents per share. By that measure, the company beat the mean analyst estimate of $0.73. It beat the average revenue estimate of $2.07 billion.
Quoting Management: “Broadcom delivered record revenue in each of our three business groups and record cash flow from operations in 2012, reflecting our continued market share growth and strong economics.” said Scott McGregor, Broadcom’s President and CEO…