Broadcom posts smaller 2Q loss, tops estimate

MarketsAssociated Press

Broadcom Corp. (BRCM) on Tuesday reported a smaller loss in its second quarter, and topped analysts' expectations.

The Irvine, California-based company reported a loss of $1 million, and it broke even on a per-share basis. Broadcom lost $251 million, or 43 cents per share, in the same quarter a year ago.

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Earnings, adjusted for asset impairment costs and stock option expense, came to 65 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.

The communications chipmaker said revenue declined 2.3 percent to $2.04 billion from $2.09 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $2.05 billion, according to Zacks.

Broadcom shares added 3.2 percent, or $1.25, to $40 in after-hours trading.