Updated from July 22
swung to a profit, and beat revenue and earnings expectations for the second quarter ending in June, the company said after the bell Thursday.
The Irvine, Calif.-based chipmaker reported revenue of $641.3 million, up 69.7% from last year's levels and 11.8% from the prior quarter. Revenue topped the consensus estimate for $632.2 million. Sequential sales growth was prompted by strong growth in broadband communications and enterprise networking silicon.
Net income stood at $63.8 million, or 18 cents a share, up from a net loss of $891.7 million, or $3.08 a share, for the year-ago quarter.
On a pro forma basis, profit amounted to $121.9 million, or 35 cents per share, 3 cents ahead of expectations.
Broadcom forecast third-quarter revenue of $673 million to $680 million, up 5% to 6%, and comfortably above the consensus estimate for $666 million. The company said growth would be driven by a resumption in growth of mobile and wireless -- which suffered as the industry digested a slight inventory build in the second quarter -- as well as broadband and enterprise networking. Broadcom didn't break out an EPS estimate; analysts are expecting 33 cents.
The stock was recently down $1.45, or 4%, to $34.95.