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Avago Technologies Limited Announces Second Quarter Fiscal Year 2013 Financial Results

  • Net revenue of $562 million; down 2 percent sequentially and down 3 percent from Q2 last year
  • GAAP gross margin of 48.4 percent; Non-GAAP gross margin of 51.2 percent
  • GAAP diluted EPS of $0.45; Non-GAAP diluted EPS of $0.61

SAN JOSE, Calif., and SINGAPORE, May 29, 2013 (GLOBE NEWSWIRE) -- Avago Technologies Limited (Nasdaq:AVGO), a leading supplier of analog interface components for communications, industrial, and consumer applications, today reported financial results for the second quarter of its fiscal year 2013, ended May 5, 2013, and provided guidance for the third quarter of its fiscal year 2013.

Second Quarter Fiscal Year 2013 GAAP Results

Net revenue was $562 million, a decrease of 2 percent compared with the previous quarter and a decrease of 3 percent from the same quarter last year.

Gross margin was $272 million, or 48.4 percent of net revenue. This compares with gross margin of $276 million, or 47.9 percent of net revenue last quarter, and gross margin of $278 million, or 48.2 percent of net revenue in the same quarter last year.

Operating expenses were $154 million. This compares with $152 million in the prior quarter and $141 million for the same quarter the previous year.

Income from operations was $118 million. This compares with $124 million in the prior quarter and with $137 million in the same quarter last year.

Second quarter net income was $113 million, or $0.45 per diluted share. This compares with net income of $125 million, or $0.50 per diluted share for the prior quarter, and net income of $134 million, or $0.54 per diluted share in the same quarter last year.

The Company's cash balance at the end of the second quarter was $1,219 million, compared to $1,151 million at the end of the prior quarter.

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