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Earnings Roundup

Broadcom net income sinks

July 24, 2009|David Sarno

Broadcom Corp., the maker of semiconductors for wireless headsets and television set-top boxes, said its second-quarter profit dropped 90% on sluggish demand for chips.

Net income fell to $13.4 million, or 3 cents a share, from $134.8 million, or 25 cents, a year earlier, the Irvine company said. Broadcom had a one-time benefit of $65.3 million from a Qualcomm Inc. royalty settlement. Sales declined 13% to $1.04 billion.

Broadcom shares fell as much as 5.6% to $27.55 in extended trading after closing at $29.18, up 56 cents.

Qualcomm agreed in April to pay Broadcom $891 million over four years to end a global dispute over technology used in mobile phones.

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david.sarno@latimes.com

Times wire services were used in compiling this report.

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