Broadcom Reports First Quarter 2011 Results

Net revenue for the first quarter of 2011 was $1.82 billion. This represents a decrease in net revenue of 6.6% compared with the $1.95 billion reported for the fourth quarter of 2010 and an increase of 24.2% compared with the $1.46 billion reported for the first quarter of 2010. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2011 was $228 million, or $.40 per share (diluted), compared with GAAP net income of $266 million, or $.47 per share (diluted), for the fourth quarter of 2010, and GAAP net income of $210 million, or $.40 per share (diluted), for the first quarter of 2010.

For a discussion of certain selected transactions and their related accounting impact for all periods presented, see the Unaudited Supplementary Financial Data schedule below.

Broadcom reported solid results for the first quarter, with revenue above the mid-point of guidance and better-than-expected profitability, said Scott A. McGregor, Broadcom's President and Chief Executive Officer. In addition, momentum continues to build around our innovative solutions. Following a record year in 2010, we had record design wins in the first quarter, which speaks to the continued underlying strength of our integrated solutions for the Home, Hand and Infrastructure markets.