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 2014 the year you get RICH!

Latest Headlines

UPS's quarterly profit hurt by severe winterUPS's quarterly profit hurt by severe winter
April 24 (Reuters) - United Parcel Service Inc, the world`s biggest courier company, reported a 12 percent fall in quarterly profit due to higher costs related to a severe winter in the United States....
Caterpillar posts higher first-quarter profit, raises outlookCaterpillar posts higher first-quarter profit, raises outlook
April 24 (Reuters) - Caterpillar Inc on Thursday posted quarterly profit that topped estimates and raised its full-year outlook on a stronger-than-expected rebound in sales to the construction industr...
JetBlue posts lower quarterly profit as expenses riseJetBlue posts lower quarterly profit as expenses rise
(Reuters) - JetBlue Airways <JBLU.O> reported a lower quarterly profit on Thursday as increases in salaries boosted operating expenses. Net income came to $4 million, or one cent a share, for ...
Verizon reports higher revenue after Vodafone dealVerizon reports higher revenue after Vodafone deal
NEW YORK, April 23 (Reuters) - Verizon Communications Inc said on Thursday its quarterly revenue rose 4.8 percent after its acquisition of Vodafone`s 45 percent share in their prior joint venture for ...
GM posts lower first-quarter profit after recall costsGM posts lower first-quarter profit after recall costs
DETROIT, April 24 (Reuters) - General Motors Co on Thursday posted lower quarterly profit after a massive recall due to defective ignition switchs linked to at least 13 deaths, but results still toppe...

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.