Broadcom reported Q4 2014 revenue of $2.14 billion, a decrease of 5.2% compared with the $2.26 billion reported for the third quarter of 2014 and an increase of 3.8% compared with the $2.06 billion reported for the fourth quarter of 2013. Net income (GAAP) for the fourth quarter of 2014 was $390 million, or $0.64 per share (diluted), compared with GAAP net income of $98 million, or $0.16 per share (diluted), for the third quarter of 2014 and GAAP net income of $168 million, or $0.29 per share (diluted), for the fourth quarter of 2013.
Net revenue for the year ended December 31, 2014 was $8.43 billion. This represents an increase in net revenue of 1.5% from the $8.31 billion reported for the year ended December 31, 2013.
GAAP net income for Q3 and Q4 included charges for restructuring costs and the impairment of long-lived assets, primarily related to Broadcom’s decision to exit its cellular baseband business.
“Better than anticipated revenue produced operating results above consensus for the quarter, driven by stronger Broadband and Connectivity revenue in the high-end smartphone and broadband access markets,” said Scott McGregor, Broadcom’s President and Chief Executive Officer. “2014 was a pivotal year where we focused on our core businesses, delivered record revenue and non-GAAP profitability, increased capital return and enhanced corporate governance.”
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