SAN FRANCISCO -
grew its bottom line nearly five-fold in the third quarter, soundly beating Wall Street expectations, but the company offered a weaker-than-expected sales forecast.
The Irvine, Calif. chipmaker said sales for the three months ended Sept. 30 totaled $1.3 billion, up roughly 37% year over year, and ahead of the average analyst expectation of $1.27 billion in revenue.
Broadcom posted net income of $164.9 million, or 31 cents a share, compared with net income of $27.7 million, or 5 cents a share, at this time last year.
Excluding about $133 million in stock compensation expenses, Broadcom's EPS would have been 56 cents, above the average analyst expectation of 44 cents on a comparable basis.
Shares of Broadcom were up 3.8% in extended trading Tuesday to $14.33.
CEO Scott McGregor said the company achieved record revenue and cash flow from operations during the quarter.
"As in prior economic slowdowns, we expect to enhance our competitive positioning and drive the next wave of communications convergence," McGregor said in a statement.
But Broadcom projected that sales in the current quarter will decline sequentially, something which has only occurred once in the past five years during the company's fourth quarter.
Broadcom said sales in the current quarter would range between $1.17 billion and $1.23 billion, below the $1.28 billion expected by analysts.