Broadcom Corp, the Irvine, California-based maker of communications chips, has reported third-quarter net income of $27.2m on revenue up 149% at $138.4m, compared to net income of $5.2m in the year-ago quarter. Earnings per share were $0.23, up from $0.05. Excluding an acquisition charge of $4.1m, earnings actually amounted to $0.26, when analysts surveyed by First Call were expecting only $0.20 in the quarter.
The company says the improved earnings reflect a more favorable income tax rate of 30.6%, down from the rate of 35% that had been accrued in prior quarters. Results from recent acquisitions HotHaus Technologies Inc and AltoCom Inc have also been incorporated for the full quarter and for all past periods.
For the nine-month period, net income rose 180% to $46.4m on revenue up 152% at $357.4m. Earnings per share rose to $0.40 from $0.17 last year. Nine-month results include merger-related charges of $15.2m and litigation settlement charges of $17m.
