Broadcom announces 2012 Q2 Results

Broadcom's technology leadership and commitment to integration is changing the fundamental economics of communications devices across our addressable markets. This is driving share gains and increasing our content per platform, positioning the company to deliver above market growth over the long-term.

Net revenue for the second quarter of 2012 was $1.971 billion. This represents an increase of 7.9% compared with the $1.827 billion reported for the first quarter of 2012 and an increase of 9.7% compared with the $1.796 billion reported for the second quarter of 2011. Net income computed in accordance with U.S. generally accepted accounting principles for the second quarter of 2012 was $160 million, or $.28 per share (diluted), compared with GAAP net income of $88 million, or $.15 per share (diluted), for the first quarter of 2012 and GAAP net income of $175 million, or $.31 per share (diluted), for the second 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 and six months ended June 30, 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 second quarter of 2012 was $435 million, or $.72 per share (diluted), compared with non-GAAP net income of $387 million, or $.65 per share (diluted), for the first quarter of 2012 and non-GAAP net income of $420 million, or $.72 per share diluted, for the second quarter of 2011.

As previously announced, Broadcom will conduct a conference call with analysts and investors to discuss its second quarter 2012 financial results and current financial prospects today at 1:45 p.m. Pacific Time (4:45 p.m. Eastern Time). The company will broadcast the conference call via webcast over the Internet. To listen to the webcast, or to view the financial and other statistical information required by Securities and Exchange Commission Regulation G, please visit the Investors section of the Broadcom website at www.broadcom.com/investors. The webcast will be recorded and available for replay until 11:59 p.m. Pacific Time on Friday, August 24, 2012.