Revenue down 17% on year-ago quarter
Communications chip maker Broadcom has reported a net loss of $91.94m for the first quarter 2009, compared to net income of $74.31m in the year-ago quarter.
The company posted a net revenue of $853.43m down 17% compared to a net revenue of $1.032 billion for the first quarter of 2008.
It made an operating loss of $103.03m compared to a profit of $56.52m in the same period last year. Diluted net loss per share was $0.19 compared to diluted EPS of $0.14 a year ago. Revenue for the quarter included royalties of $19m received pursuant to a patent license agreement entered into in July 2007.
Scott A McGregor, president and chief executive at Broadcom, said: While we were not able to completely offset the impact of the current economic downturn with our product, customer, and end-market breadth, we believe Broadcom was successful in experiencing a lesser peak-to-trough revenue decline than many of our peers. Broadcom demonstrated strong operating expense control and generated solid cash flow from operations. Customer bookings have strengthened, reflected in the anticipated sequential revenue growth in the second quarter of 2009.