Broadcom Corp. (NASDAQ: BRCM) has issued earnings of $0.14 EPS on a GAAP basis on $1.032 Billion in revenues. First Call has EPS on a non-GAAP basis as $0.28 so we’ll have to see the break-down of those numbers. First Call had revenue expectations of $992 million.
The CEO comments are dictating the real trend here, "..first quarter results came in much stronger than we expected, driven primarily by greater demand within our traditional wireline businesses… a record revenue level and strong cash flow from operations and to fund an aggressive share repurchase program…" But this is the real issue at hand: "While we remain cautious on the macroeconomic front, based on strong ordering trends from our customers throughout the first quarter, we expect solid revenue growth for the second quarter within each of our three major target markets."
Unfortunately, no formal guidance was given. That will likely come in the conference call. Shares closed down 1.1%% at $23.55 in normal trading, and this one is up over 6% to $to $25.05 in after-hours trading. The 52-week trading range is $16.38 to $43.07.
We’d note that this move up, assuming it holds, will take this stock into overbought levels but the stock is also still well under its 200-day moving average of $28.32.
Jon C. Ogg
April 22, 2008
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