Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor solutions for wired and wireless communications, today reported unaudited financial results for its first quarter ended March 31, 2012.
"Broadcom performed well in the first quarter, with revenue near the high end of the guided range and better-than-expected underlying profitability," said Scott McGregor, Broadcom's President and Chief Executive Officer. "We closed the NetLogic Microsystems transaction to expand our footprint in network infrastructure, extended our lead in 5G WiFi by beginning commercial shipments, and rounded out our PON portfolio with the acquisition of BroadLight to enable complete solutions for the fastest growing segment in broadband access."
Net revenue for the first quarter of 2012 was $1.827 billion. This represents an increase of 0.4% compared with the $1.820 billion reported for the fourth quarter of 2011 and an increase of 0.6% compared with the $1.816 billion reported for the first quarter of 2011. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2012 was $88 million, or $.15 per share (diluted), compared with GAAP net income of $254 million, or $.45 per share (diluted), for the fourth quarter of 2011 and GAAP net income of $228 million, or $.40 per share (diluted), for the first quarter of 2011.
In addition to GAAP results, Broadcom reports adjusted net income and adjusted net income per share, referred to respectively as "non-GAAP net income" and "non-GAAP diluted net income per share." A discussion of Broadcom's use of these and other non-GAAP financial measures is set forth below. Reconciliations of GAAP to non-GAAP financial measures for the three months ended March 31, 2012 and 2011, respectively, appear in the financial statements portion of this release under the heading "Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments."
Non-GAAP net income for the first quarter of 2012 was $387 million, or $.65 per share (diluted), compared with non-GAAP net income of $394 million, or $.68 per share (diluted), for the fourth quarter of 2011 and non-GAAP net income of $407 million, or $.68 per share diluted, for the first quarter of 2011.