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Avago Technologies' CEO Discusses F4Q11 Results - Earnings Call Transcript

In addition to US GAAP reporting, Avago reports certain financial measures on a non-GAAP basis, which are provided in addition to and not as a substitute for the comparable GAAP measures. A reconciliation between the GAAP and non-GAAP measures are included in the tables attached to today’s press release. Comments made during today’s call will primarily refer to our non-GAAP financial results.

Please refer to our press release today and our recent filings with the SEC for information on the specific risk factors that could affect our business and financial condition and cause our actual results to differ materially from the forward-looking statements made on this call.

At this time, I would like to turn the call over to Hock Tan. Hock?

Hock Tan

Thank you, Jacob. Good afternoon, everyone. I’m going to start today by reviewing some of the recent business highlights, and then Doug will provide some review of the fourth quarter and full fiscal year financial results.

Now, as you may have seen from our earnings announcement, we had a solid fourth quarter with record revenues and income from operations. Revenue in the fourth quarter 2011 is up 9% year-on-year from the fourth quarter a year ago. We saw strong sequential growth in our wireless communications business, in fact, better than we expected at the beginning of the quarter. This was offset partially by weaker than expected performance from our industrial and consumer end-markets.

We believe worldwide volatility in the financial markets and slow growth in China’s economy is causing a number of OEMs and most distributors to take risks out of the business models and to substantially reduce their inventory levels. Because of these, we see the impact of lower component demand in our industrial markets.

In contrast, however, we also experienced certain phenomena that [leads] our revenues in this period of demand uncertainty. In particular, certain wireless OEM winners in the marketplace have been able to grow for us. Additionally, in wide networking, investments in core routing and data centers remain strong, very much to our benefit in SerDes and fiber.

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