By Noel Randewich
SAN FRANCISCO (Reuters) - Broadcom posted better-than-expected adjusted second-quarter earnings on Tuesday that pushed the chipmaker's stock higher as it plans to exit the fiercely competitive cellular baseband business.
Broadcom, a leader in connectivity chips with features like Wi-Fi and Bluetooth, reported second-quarter revenue of $2.04 billion, down 2.3 percent from the year-ago period. It said revenue in the third quarter would be between $2.10 billion and $2.25 billion. The midpoint of its forecast is $2.175 billion.
Analysts on average had expected second-quarter revenue of $2.05 billion and third-quarter revenue of $2.19 billion, according to Thomson Reuters I/B/E/S.
In the second quarter, Broadcom had a net loss of $1 million, or 0 cents a share, compared to a net loss of $251 million, or 43 cents a share, last year. Non-GAAP earnings per share were 65 cents in the second quarter. Analysts on average expected 61 cents.
Broadcom's stock rose 3.23 percent in extended trading after closing up 0.31 percent at $38.75 in regular Nasdaq trade.
(Reporting by Noel Randewich; Editing by Meredith Mazzilli)