Broadcom net revenue dips YoY

Broadcom Corporation (NASDAQ: BRCM) said its net revenue for the third quarter of 2015 was USD2.19 billion, an increase of 4.3 percent compared with the USD2.10 billion reported for the second quarter of 2015 and a decrease of 3.2 percent compared with the USD2.26 billion reported for the third quarter of 2014.

Net income computed in accordance with US generally accepted accounting principles (GAAP) for the third quarter of 2015 was USD429 million, or USD0.69 per share (diluted), compared with GAAP net income of USD386 million, or USD0.63 per share (diluted), for the second quarter of 2015 and GAAP net income of USD98 million, or USD0.16 per share (diluted), for the third quarter of 2014. GAAP net income for the third quarter of 2014 included charges for restructuring costs related to Broadcom´s decision to exit the cellular baseband business totaling USD114 million, or USD0.19 per share, and additional charges for the impairment of purchased intangible assets of USD200 million, or USD0.33 per share.

In addition to GAAP results, Broadcom reports adjusted net income and adjusted net income per share, referred to respectively as “non-GAAP net income” and “non-GAAP diluted net income per share.” A discussion of Broadcom´s use of these and other non-GAAP financial measures is set forth below. Reconciliations of GAAP to non-GAAP financial measures for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively, and the nine months ended September 30, 2015 and 2014 appear in the financial statements portion of this release under the heading “Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments.”

Broadcom, a FORTUNE 500® company, is a global leader and innovator in semiconductor solutions for wired and wireless communications.