- Quarterly GAAP diluted loss per share of $0.75; Quarterly non-GAAP diluted earnings per share from continuing operations of $2.89
- Quarterly GAAP gross margin of 47.0 percent; Quarterly non-GAAP gross margin from continuing operations of 60.4 percent
- Quarterly interim dividend of 51 cents per share
SAN JOSE, Calif., and SINGAPORE, Sept. 01, 2016 (GLOBE NEWSWIRE) -- Broadcom Limited (Nasdaq:AVGO), a leading semiconductor device supplier to the wired, wireless, enterprise storage, and industrial end markets, today reported financial results for the third quarter of its fiscal year 2016, ended July 31, 2016, and provided guidance for the fourth quarter of its fiscal year 2016.
Broadcom Limited is the successor to Avago Technologies Limited (“Avago”). Following Avago’s acquisition of Broadcom Corporation (“BRCM”) on February 1, 2016 (the “Acquisition”), Broadcom Limited became the ultimate parent company of Avago and BRCM. Financial results for the fiscal periods prior to the Acquisition relate solely to the Company’s predecessor, Avago. Unless the context otherwise requires, references in this press release to “Broadcom,” “the Company,” “we,” “our,” “us” and similar terms are to Broadcom Limited from and after the effective time of the Acquisition and, prior to that time, to its predecessor, Avago. The financial results from businesses that have been classified as discontinued operations in the Company’s financial statements are not included in the results presented below, unless otherwise stated.
Third Quarter Fiscal Year 2016 GAAP Results
Net revenue was $3,792 million, an increase of 7 percent from $3,541 million in the previous quarter and an increase of 119 percent from $1,735 million in the same quarter last year.
Gross margin was $1,782 million, or 47.0 percent of net revenue. This compares with gross margin of $1,046 million, or 29.5 percent of net revenue, in the prior quarter, and gross margin of $884 million, or 51.0 percent of net revenue, in the same quarter last year.
Operating expenses were $2,046 million. This compares with $2,047 million in the prior quarter and $585 million for the same quarter last year.
Operating loss was $264 million, or 7 percent of net revenue. This compares with operating loss of $1,001 million, or 28 percent of net revenue, in the prior quarter, and operating income of $299 million, or 17 percent of net revenue, in the same quarter last year.
Net loss, which includes the impact of discontinued operations, was $315 million, or $0.75 per diluted share. This compares with net loss of $1,255 million, or $3.02 per diluted share, for the prior quarter, and net income of $240 million, or $0.84 per diluted share, in the same quarter last year.
Net loss attributable to ordinary shares was $298 million. Net loss attributable to the noncontrolling interest (restricted exchangeable limited partnership units (“REUs”)) in the Company’s subsidiary, Broadcom Cayman L.P. (the “Partnership”), was $17 million.
|Third Quarter Fiscal Year 2016 GAAP Results||Change|
|(Dollars in millions, except per share data)||Q3 16||Q2 16||Q3 15||Q/Q||Y/Y|
|Net income (loss)||$||(315||)||$||(1,255||)||$||240||+$||940||-$||555|
|Net loss attributable to noncontrolling interest||$||(17||)||$||(69||)||$||-||+$||52||-$||17|
|Net income (loss) attributable to ordinary shares||$||(298||)||$||(1,186||)||$||240||+$||888||-$||538|
|Earnings (loss) per share - diluted||$||(0.75||)||$||(3.02||)||$||0.84||+$||2.27||-$||1.59|