Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Avago Q4 Sales Outlook Upbeat

Wednesday, August 28, 2013 7:15 AM
Chipmaker, Avago Technologies Ltd. (NASDAQ: AVGO) said after the market close on Tuesday that net income dipped 2.1% in the fiscal third quarter. Higher operating expenses and narrower margin weighed on the bottom line. However, share gained in aftermarket hours as both earnings and revenue topped Wall Street’s estimates. The Company also handed better-than-expected sales guidance for the fiscal fourth quarter. For the current quarter, the Singapore based company anticipates revenue to rise by 12% to 15%, sequentially, which implies revenue of $721.3 million to $740.6 million. Analysts polled by Thomson Reuters had forecasted revenue of $696 million. For the fiscal third quarter ended Aug. 4, the Company posted a net income of $142 million or 56 cents a share compared to a net profit of $145 million or 58 cents a share, in the same quarter of last year. Stripping out onetime items such as stock based compensation and other charges, the adjusted earnings stood at 74 cents a share up from 72 cents a share. Analysts’ consensus estimate was for 62 cents a share. Net revenue rose 6.3% to $644 million from the year earlier quarter but was 15% lower compared to prior quarter. In May, the company forecasted sequential revenue growth of 6% to 9%, or $595.7 million to $612.6 million. "During the third quarter, strong demand from data-center spending and a significant uptick in industrial more than offset weaker-than-expected demand in wireless," said Chief Executive Hock Tan in a conference call. In June Avago completed its $400 million acquisition deal with CyOptics. The merger is expected to help Avago gain traction in data communications and telecommunications markets. In the latest period, CyOptics generated $21 million in the total revenue. Gross margin shrank to 47.2% from 48.7% as input costs rose 9.3%. Operating expenses climbed up 12% in the latest quarter.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Microsoft plans major job cuts: NYTMicrosoft plans major job cuts: NYT
(Reuters) - Microsoft Corp plans to announce a new round of layoffs as early as Wednesday to cut costs further, the New York Times reported. The latest job cuts are in addition to the 18,000 jobs th...
Greece and China expose limits of 'whatever it takes'Greece and China expose limits of 'whatever it takes'
LONDON (Reuters) - For a world so confident that central banks can solve almost all economic ills, the dramas unfolding in Greece and China are sobering. "Whatever it takes," Mario Draghi`s 2012 a...
Oil under $60 beyond 2016 suggests market rethinking shaleOil under $60 beyond 2016 suggests market rethinking shale
NEW YORK (Reuters) - The almost 10 percent nosedive in headline oil prices this week has many hallmarks of a shocking but short-lived slump, triggered by a confluence of external events and exacerba...
Nissan to brief on abnormal deployment of Takata air bag, shares sinkNissan to brief on abnormal deployment of Takata air bag, shares sink
TOKYO (Reuters) - Shares in Nissan Motor Co fell more than 6 percent in early afternoon trade on Wednesday after the company said it would brief the media about an abnormal deployment of an air bag ma...
Nissan says Takata air bag deployed abnormally in Japan crashNissan says Takata air bag deployed abnormally in Japan crash
TOKYO (Reuters) - Nissan Motor Co <7201.T> on Wednesday said an air bag made by Takata Corp <7312.T> installed in one of its cars had deployed abnormally whilst the vehicle was on the ro...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.