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Broadcom posts higher quarterly income

Broadcom Ltd. reported second-quarter net income attributable to ordinary shares of $3.73 billion, up from $464 million recorded in the same period a year prior.

EPS for the quarter came in at $8.33, up from $1.05 reported in the year-ago quarter and beating the S&P Capital IQ consensus estimate of $2.38.

On a non-GAAP basis, net income was $2.24 billion, up from $1.67 billion in the second quarter of 2017. EPS for the quarter on a non-GAAP basis came in at $4.88, up from $3.69 in the same quarter last year.

Net revenue for the quarter rose by 20% to $5.01 billion, from $4.19 billion in the prior-year quarter. Operating income was $1.20 billion, up from $474 million.

Broadcom also announced a quarterly dividend of $1.75 per share. The record date for the dividend is June 20, and it will be paid June 29.

The company expects both GAAP and non-GAAP net revenue for the fiscal third quarter to be in the range of $5.05 billion, plus or minus $75 million, matching its previously announced downward revision.

Hock Tan, Broadcom's president and CEO, expressed satisfaction with the company's "robust and sustainable" performance.

"This is validated through our strong execution in the second quarter which drove gross margin to a record 66.6 percent and free cash flow to 42.3 percent of net revenue," Tan said in a statement.