Broadcom reported Q4 2007 revenue of $1.027 billion, an increase of 8.1% compared with the $950.0 million reported for the third quarter of 2007 and an increase of 11.2% compared with the $923.5 million reported for the fourth quarter of 2006. Net income (GAAP) for the fourth quarter of 2007 was $90.3 million, or $.16 per share (diluted), compared with GAAP net income of $27.8 million, or $.05 per share (diluted), for the third quarter of 2007, and GAAP net income of $45.1 million, or $.08 per share (diluted), for the fourth quarter of 2006.
Net revenue for the year ended December 31, 2007 was $3.78 billion, an increase of 3.0% compared with the $3.67 billion reported for the year ended December 31, 2006. Net income computed in accordance with GAAP for the year ended December 31, 2007 was $213.3 million, or $.37 per share (diluted), compared with GAAP net income of $379.0 million, or $.64 per share (diluted), for the year ended December 31, 2006.
“2007 ended strongly as Broadcom generated record revenue for the fourth quarter and the full year, driven by the ramp in new product cycles occurring in the Bluetooth, wireless LAN and digital TV markets,” said Scott McGregor, Broadcom’s President and Chief Executive Officer. “Broadcom remains a product cycle driven company, and to continue this product cycle momentum into the future, we made a number of strategic acquisitions and significant internal investments in 2007. We believe that as the convergence of technologies, products and markets continues, the winners will be the companies that possess all of the communication technologies required to build these next generation products. Broadcom remains well positioned to benefit from this trend.”
“As we look into 2008, we believe that Bluetooth, wireless LAN and digital TV will continue to be key revenue drivers, plus we look forward to the emergence of new product areas such as HD DVD, cellular and GPS, in addition to continued growth opportunities within our traditional end markets, such as switching and set-top boxes. While Broadcom will continue to invest to bring these and other new products to market, we have tightened our processes and made additional strategic portfolio management decisions in the fourth quarter to help moderate expense growth across 2008, with the goal of trending back towards our long-term business model.”
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