Wednesday, January 28, 2009

Broadcom Swings to Loss in Q4 2008

Broadcom reported Q4 net revenue of $1.127 billion, a decrease of 13.2% compared with the $1.298 billion reported for the third quarter of 2008 and an increase of 9.7% compared with the $1.027 billion reported for the fourth quarter of 2007.


There was a Q4 net loss (GAAP) of $159.2 million, or $.32 net loss per share (basic and diluted), compared with GAAP net income of $164.9 million, or $.31 per share (diluted), for the third quarter of 2008, and GAAP net income of $90.3 million, or $.16 per share (diluted), for the fourth quarter of 2007. The Q4 results reflect impairment charges of goodwill and certain tangible assets of its mobile platforms business group, as well as in-process R&D charges associated with its acquisition of the digital TV business of AMD. These charges represented cumulative reductions in net income of $0.40 per share (diluted).


"As we look into the first quarter of 2009, we believe the current economic slowdown will continue to negatively impact our business as demand continues to decrease and settle into new levels and channel inventory adjusts accordingly," said Scott A. McGregor, Broadcom's President and CEO. The company is planning cost cutting measures, including job cuts.


http://www.broadcom.com

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