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Broadcom Posts Wider Loss for 2nd Quarter

July 23, 2003|From Bloomberg News

Broadcom Corp., the largest maker of chips for cable modems, said its second-quarter net loss widened to $831.7 million despite rising sales.

The net loss was $2.87 a share, compared with $129.4 million, or 49 cents, in the year-earlier period. The Irvine company said it had costs of $779.8 million related to acquisitions, stock compensation, settlements and reorganization. Revenue rose to $377.9 million from $258 million last year.

It was the first full quarter under interim Chief Executive Alan Ross, who took over in January when co-founder Henry Nicholas resigned.

Shares of Broadcom rose $1.36 to $26.53 on Nasdaq.

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