Broadcom Posts Q2 Revenue of $2.04 billion

Broadcom posted Q2 2014 net revenue of $2.04 billion, up 2.9% over the preceding quarter but down 2.3% compared with the $2.09 billion reported for the second quarter of 2013. Net loss (GAAP) for the second quarter of 2014 was $1 million, or $0.00 per share (basic and diluted), compared with GAAP net income of $165 million, or $0.28 per share (diluted), for the first quarter of 2014 and GAAP net loss of $251 million, or $0.43 per share (basic and diluted), for the second quarter of 2013.

Broadcom said the GAAP net loss included charges of $187 million for its decision to exit the cellular baseband business.

"Broadcom performed well in the June quarter," said Scott McGregor, Broadcom's President and Chief Executive Officer. "We recently made the difficult, but prudent decision to wind down our cellular baseband business and focus on the Broadband, Connectivity and Infrastructure markets. As a result, we will be a stronger company, as gross margins, profitability and cash flows will noticeably improve, providing an opportunity to return more capital to our shareholders."

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