Broadcom reported net revenue was $2.15 billion for the third quarter of 2013, up 2.7% compared with the $2.09 billion reported for the second quarter of 2013 and an increase of 0.8% compared with the $2.13 billion reported for the third quarter of 2012. Net income GAAP) was $316 million , or $0.55 per share (diluted), compared with a GAAP net loss of $251 million , or $0.43 per share (basic and diluted), for the second quarter of 2013 and GAAP net income of $220 million , or $0.38 per share (diluted), for the third quarter of 2012.
"Broadcom delivered better-than-expected results across the board in the September quarter," said Scott McGregor, Broadcom's President and Chief Executive Officer. "With the Renesas transaction closed, the combined team is working diligently to deliver LTE revenue in early 2014. Looking forward, we are taking the necessary steps to tightly manage the business while focusing on strategic initiatives, including LTE, data center innovation and driving the next generation of home video with HEVC."
Broadcom also noted that it has launched a global restructuring plan that includes a workforce reduction of up to 1,150 employees (some of whom originated from the Renesas acquisition). In connection with the plan, Broadcom recorded restructuring costs of $12 million in the third quarter of 2013 and anticipates that it will record approximately $20 million in restructuring costs in the fourth quarter of 2013.
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- In September 2013, Broadcom agreed to acquire LTE-related assets from affiliates of Renesas Electronics Corporation for approximately $164 million in cash. Broadcom is gaining a dual-core LTE SoC that is ready for volume production and is carrier-validated by leading global operators in North America, Japan and Europe. Broadcom also receives high-quality multimode, multiband, LTE-A/HSPA+/EDGE modem IP that includes support for leading-edge features such as Carrier Aggregation and VoLTE. The acquisition adds quality patents and applications to Broadcom's IP portfolio and brings some of the world's most experienced cellular engineers to Broadcom. Broadcom said the deal will accelerate the launch of its first multimode, carrier-validated LTE SoC platform, which is now expected in early 2014.
