IRVINE, Calif. -- Broadcom Corporation (Nasdaq: BRCM) today reported unaudited financial results for its first quarter ended March 31, 2007.
Net revenue for the first quarter of 2007 was $901.5 million, a decrease of 2.4% from the $923.5 million reported for the fourth quarter of 2006 and an increase of 0.1% from the $900.6 million reported for the first quarter of 2006. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2007 was $61.0 million, or $.10 per share (diluted), compared with GAAP net income of $45.1 million, or $.08 per share (diluted), for the fourth quarter of 2006, and GAAP net income of $117.7 million, or $.20 per share (diluted), for the first quarter of 2006.
In addition to GAAP results, Broadcom reports adjusted net income and net income per share, referred to respectively as "non-GAAP net income" and "non-GAAP net income per share." A discussion of Broadcom's use of these non-GAAP financial measures is set forth below, and reconciliations of GAAP net income to non-GAAP net income for the three months ended March 31, 2007 and 2006, respectively, appear in the financial statements portion of this release.
Non-GAAP net income for the first quarter of 2007, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $175.1 million, or $.29 per share (diluted), compared with non-GAAP net income of $184.9 million, or $.31 per share (diluted), for the fourth quarter of 2006, and $221.9 million, or $.36 per share (diluted), for the first quarter of 2006.
"Broadcom's first quarter results came in better than we anticipated due to slightly higher than expected revenue combined with increased operating expense efficiencies," said Scott A. McGregor, Broadcom's President and Chief Executive Officer. "Mixed outlooks from a few of our larger customers are causing a lower than normal level of visibility into our near-term results. We believe that these issues are near-term in nature and we remain optimistic regarding our prospects for the second half of the year."
Broadcom Corp. (Nasdaq: BRCM)