Chipmaker Broadcom reports lower fourth-quarter revenue, meets expectations

Reuters News
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Posted: Jan 30, 2014 4:20 PM

SAN FRANCISCO (Reuters) - Broadcom on Thursday posted fourth-quarter revenue that was down from a year earlier, but the result slightly exceeded analysts' expectations as demand for smartphones shifts to low-end models in China.

The chipmaker reported fourth-quarter revenue of $2.06 billion, down 0.8 percent from the year-ago period. It said revenue in the first quarter would be between $1.9 billion and $2.0 billion.

Analysts on average had expected fourth-quarter revenue of $2.020 billion and first-quarter revenue of $1.967 billion, according to Thomson Reuters I/B/E/S.

Fourth-quarter net profit fell to $168 million, or 29 cents a share, versus $251 million, or 43 cents last year. Non-GAAP earnings per share were 60 cents.

Broadcom shares were up 3.73 percent in extended trading after closing up 1.81 percent at $29.21 in regular Nasdaq trade.

(Reporting by Noel Randewich; Editing by Leslie Adler and Mohammad Zargham)