Broadcom Q3 Profit Beats Estimates - Quick Facts

(RTTNews) - Broadcom Corp. (BRCM) reported third-quarter net income of $98 million, or $0.16 per share, compared to $316 million, or $0.55 per share, for the third quarter of 2013. Non-GAAP net income for the third quarter of 2014 was $569 million, or $0.91 per share.

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 $114 million, or $0.19 per share, and additional charges for the impairment of purchased intangible assets of $200 million, or $0.33 per share.

On average, 35 analysts polled by Thomson Reuters expected the company to report profit per share of $0.84 for the quarter. Analysts' estimates typically exclude special items.

Net revenue was $2.26 billion. This represents an increase of 5.3% compared to $2.15 billion reported for the third quarter of 2013. Analysts expected revenue of $2.18 billion for the quarter.

"Broadcom delivered record quarterly revenue and better than expected operating results. Our strong performance was driven by the Broadband and Connectivity business and diligent expense management. Longer term, the company's renewed focus on its core businesses is expected to produce improved margins and cash flows, enabling increased capital return," said Scott McGregor, Broadcom's President and CEO.