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Broadcom Posts 1st-Quarter Results In Line With Reduced Estimates httpwwwdjcomhttpwwwdjcomWednesday April 18 2001 0503 PM ET IRVINE Calif -- Broadcom Corp BRCM news reported a sharp drop in first-quarter earnings from operations because of weak orders and said it hasnt seen any improvement since it issued a gloomy outlook last month The communications-chip maker late Wednesday reported a net loss of 3569 million or 143 a share compared with net income of 386 million or 15 cents a share a year earlier Excluding a deduction related to performance-based warrants acquisition- related expenses settlement charges and payroll taxes on certain stock-option exercises the company said it would have posted earnings of 242 million or nine cents a share compared with 449 million or 18 cents a share a year earlier The mean estimate of analysts surveyed by Thomson FinancialFirst Call was for earnings from operations of nine cents a share Revenue rose 66 to 3181 million Our first quarter results met the revised expectations that we communicated on March 6th Looking ahead as a result of the continued weakness in the communications sector we have not yet seen improvement in order visibility from customers President and Chief Executive Officer Henry T Nicholas III said in a prepared statement Despite the current weakness that exists in the business we continue to be confident that our product roadmaps in both the core and emerging markets will position us well as the economy recovers Broadcom warned last month that it would post first-quarter earnings below analysts estimates at that time citing a significant slowdown in orders and said one of its largest customers 3Com Corp had terminated a significant contract on Feb 28 Company executives had said the company lowered its guidance after it began to see a significant level of customer order delays and pushouts In 4 pm EDT trading on the Nasdaq Stock Market Broadcom BRCM was up 461 or 16 to 3401
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