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Broadcom profit misses consensus by 62.0% in fiscal Q3

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Broadcom profit misses consensus by 62.0% in fiscal Q3

Broadcom Ltd. said its normalized net income for the fiscal third quarter ended Aug. 2 was 81 cents per share, compared with the S&P Capital IQ consensus estimate of $2.14 per share.

The per-share result swung to a profit from the prior-year loss of 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $233.1 million, compared with a loss of $75.6 million in the prior-year period.

The normalized profit margin rose to 14.0% from negative 6.0% in the year-earlier period.

Total revenue grew 36.7% year over year to $1.74 billion from $1.27 billion, and total operating expenses totaled $1.33 billion, compared with $1.33 billion in the prior-year period.

Reported net income came to $243.9 million, or 85 cents per share, compared with a loss of $121.0 million, or a loss of 48 cents per share, in the prior-year period.