Broadcom Posts Q2 Revenue of $378M, up 15% Sequentially

Broadcom reported Q2 net revenues of $378 million, an increase of 15.4% from the $328 million reported for Q1 2003 and an increase of 46% from the $258 million reported for Q2 2002. It was Broadcom's eighth consecutive quarter of revenue growth. Broadcom noted "strength in revenues" across most of its businesses, both in its core markets for cable set top boxes and modems, servers and enterprise networking solutions, as well as in its emerging markets, including wireless LAN, DSL, DBS and Bluetooth. Including special charges, the GAAP net loss was ($832) million, or $2.87 per share (basic and diluted), compared with a GAAP net loss of $68 million, or $.25 per share (basic and diluted), for the first quarter of 2003. The charges include a non-cash goodwill impairment charge of $434 million (mainly for goodwill related to the ServerWorks acquisition), $118 million in settlement costs for the ServerWorks acquisition, and a $221 million charge related to its previously announced employee stock option exchange program. Excluding the charges, pro forma net income for Q2 2003 was $29.6 million, or $.10 per share (diluted).
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