Broadcom reported record Q3 revenue of $646.5 million, an increase of 0.8% from the $641.3 million reported for Q2 2004 and an increase of 51.9% from the $425.6 million reported for Q3 2003. Net income (GAAP) was $49.0 million, or $.14 per share (diluted).
“During the third quarter we were able once again to attain record revenues and strong cash generation in spite of the previously-disclosed negative impact of excess inventory within the supply chain,” said Alan E. Ross, Broadcom’s President and CEO. “While the inventory correction touched all of Broadcom’s business groups, it was most pronounced with a limited number of customers in the Broadband Communications and Mobile & Wireless Groups. In addition, during the quarter we experienced the first real impact of the long-anticipated decline in our chipset business for servers based on Intel processors.”http://www.broadcom.com
