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EARNINGS ROUNDUP / BROADCOM

Chip maker's profit rises sixfold

October 22, 2008|Times Wire Reports

Broadcom Corp., the maker of chips for Apple Inc.'s iPhone and Nintendo Co.'s Wii game console, said third-quarter profit increased almost sixfold on sales of wireless products and a technology royalty payment.

Net income rose to $164.9 million, or 31 cents a share, from $27.8 million, or 5 cents, a year earlier, the Irvine-based company said. Sales gained 37% to $1.29 billion, in line with analyst estimates.

Fourth-quarter sales will be between $1.17 billion and $1.24 billion, Broadcom said. Analysts anticipated sales of $1.28 billion, according to Bloomberg.

The stock fell 60 cents, or 4.2%, to $13.80, before gaining more than 8% in extended trading.

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