Broadcom reported record quarterly revenue of $1.95 billion, an increase of 7.7% compared with the $1.81 billion reported for the third quarter of 2010 and an increase of 44.9% compared with the $1.34 billion reported for the fourth quarter of 2009. Net income (GAAP) for the fourth quarter of 2010 was $266 million, or $.47 per share (diluted), compared with GAAP net income of $327 million, or $.60 per share (diluted), for the third quarter of 2010, and GAAP net income of $59 million, or $.11 per share (diluted), for the fourth quarter of 2009.
Net revenue for the year ended December 31, 2010 was $6.82 billion. This represents an increase in net revenue of 51.8% from the $4.49 billion reported for the year ended December 31, 2009.
“I am very pleased with our record performance in 2010, as Broadcom gained significant market share and delivered record revenue, earnings per share, and cash flow from operations,” said Scott A. McGregor, Broadcom’s President and Chief Executive Officer. “Our achievements highlight the incredible capabilities of our employees to create innovative solutions in the wired and wireless communications markets.”
Broadcom’s Board of Directors also approved a 12.5 percent increase in the quarterly cash dividend to $0.09 cents per share ($0.36 per share on an annual basis) payable to holders of the Company’s Class A and Class B common stock. The Company also announced a $300 million accelerated share repurchase plan under its existing evergreen share repurchase program.
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