Wireless communications chipmaker Broadcom Corp yesterday announced a 52% jump in revenue and a more than doubling of its profit as more of its devices were used in wireless and storage products for enterprises and consumers.
During the fourth quarter, Broadcom revenue grew to $820.6m from $539.4m a year ago. The Irvine, California-based company posted a $194.8m profit, or 50 cents a share, up from $71.1m, or 20 cents, last year.
Broadcom benefited from the continued migration by enterprises to Gigabit Ethernet and the convergence of voice and WiFi into broadband modems, McGregor said.
Trends in communications and convergence provided a one-two punch, said Broadcom chief executive Scott McGregor, in a statement.
The company also announced yesterday that its board had approved a 3-for-2 split of its common stock, which will result in a 50% stock dividend.