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Broadcom profit misses consensus by 57.4% in fiscal Q2

Broadcom Ltd. said its normalized net income for the fiscal second quarter ended May 3 was 85 cents per share, compared with the S&P Capital IQ consensus estimate of $2.00 per share.

EPS rose 111.1% year over year from 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $242.5 million, a gain of 132.3% from $104.4 million in the prior-year period.

The normalized profit margin climbed to 15.0% from 14.9% in the year-earlier period.

Total revenue rose 130.2% on an annual basis to $1.61 billion from $701.0 million, and total operating expenses climbed 122.3% year over year to $1.19 billion from $533.0 million.

Reported net income grew 114.7% year over year to $338.0 million, or $1.19 per share, from $157.4 million, or 61 cents per share.