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

Valeant CEO 'disappointed' in Allergan poison pill: CNBCValeant CEO 'disappointed' in Allergan poison pill: CNBC
(Reuters) - The chief executive officer of Valeant Pharmaceuticals, which made a $47 billion unsolicited offer for competitor Allergan Inc. on Tuesday, said during an interview on CNBC that he was "di...
China to allow private investment in 80 projectsChina to allow private investment in 80 projects
BEIJING (Reuters) - China will allow private investment in 80 projects spanning the energy, information and infrastructure sectors as part of reforms to increase privatization, Premier Li Keqiang said...
Boeing posts higher adjusted profit, lifts 2014 forecastBoeing posts higher adjusted profit, lifts 2014 forecast
(Reuters) - Rising jet production helped Boeing Co post a 14 percent rise in adjusted net profit in the first quarter, beating estimates, and the company notched up its full-year forecast. On a non-...
Procter & Gamble quarterly profit rises on home care salesProcter & Gamble quarterly profit rises on home care sales
(Reuters) - Procter & Gamble Co <PG.N>, the world`s largest household products maker, reported a higher quarterly profit on Wednesday, helped by an increase in sales of its home care product...
Dow Chemical profit rises 75% on strong plastics pricing, marginsDow Chemical profit rises 75% on strong plastics pricing, margins
April 23 (Reuters) - Dow Chemical Co reported a 75 percent rise in quarterly profit, helped by higher prices for its plastics products and higher margins in most of its businesses. Net income rose t...

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.