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Broadcom Updates Financial Guidance for the Fourth Quarter of 2011

NEW YORK, Dec. 14, 2011 /PRNewswire/ -- Broadcom Corporation (NASDAQ: BRCM), a global leader in semiconductors for wired and wireless communications, today updated its financial guidance for the fourth quarter of 2011 at its 2011 Analyst Day in New York.

The following estimates are based on the current business outlook:

"Broadcom's Q4 is coming in stronger than expected driven by solid shipments and tight operational management," said Scott McGregor, President and Chief Executive Officer of Broadcom.

For further information regarding Broadcom's updated guidance for the fourth quarter of 2011, see the "Updated Guidance for the Three Months Ending December 31, 2011" at the end of this release.

Broadcom's fourth quarter business outlook was originally published in the company's third quarter 2011 earnings release, with the exception of fourth quarter guidance on ending cash and marketable securities, which was not provided previously. To access additional details of the updated financial outlook for the fourth quarter of 2011 and a replay of the 2011 Analyst Day including the associated slides, please go to the Investor Relations section of the Broadcom website at www.broadcom.com/investors.

About Broadcom

Broadcom Corporation (NASDAQ: BRCM), a FORTUNE 500® company, is a global leader and innovator in semiconductor solutions for wired and wireless communications. Broadcom® products seamlessly deliver voice, video, data and multimedia connectivity in the home, office and mobile environments. With the industry's broadest portfolio of state-of-the-art system-on-a-chip and embedded software solutions, Broadcom is changing the world by Connecting everything®.  For more information, go to www.broadcom.com.

Cautions Regarding Forward-Looking Statements:

All statements included or incorporated by reference in this release and the related conference call for analysts and investors, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, guidance provided on future revenue, gross product margin, operating expense targets and ending cash & marketable securities for the fourth quarter of 2011. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

These risks and uncertainties include, but are not limited to the following:

Our Annual Report on Form 10-K for the year ended December 31, 2010, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements used in this release and the related conference call for analysts and investors speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

Broadcom ®, the pulse logo, Connecting everything®, and the Connecting everything logo are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU.  Any other trademarks or trade names mentioned are the property of their respective owners.

 

BROADCOM CORPORATION

Updated Guidance for the Three Months Ending December 31, 2011

 

 

Reported

Three Months Ended September 30, 2011

Prior Guidance

Three Months Ending December 31, 2011

Updated Guidance Three Months Ending December 31, 2011

 

Total Net Revenue (in billions)

$1.96 billion

$1.70 - $1.80 billion

~ $1.80 billion

 

Product Gross Margin (GAAP)

49.5%

Flat to slightly down from Q3'11

Roughly flat from Q3'11

 

Product Gross Margin (Non-GAAP)

50.9%

Flat to slightly down from Q3'11

Roughly flat from Q3'11

 

Research &  development and selling, general, and administrative expenses (GAAP)

$666 million

Roughly flat from Q3'11

Down ~$5 million from Q3'11

 

Research &  development and selling, general, and administrative expenses (Non-GAAP)

$549 million

Flat to up $10 million from Q3'11

Up ~$5 million from Q3'11

 

Cash and Marketable Securities

$4.2 billion

Not provided

~$5.1 billion

 

 

 

 

 

 

 

 

 

 

 

 

Broadcom has based the preceding guidance for the three months ending December 31, 2011 on expectations, assumptions and estimates that we believe are reasonable given our assessment of historical trends and other information reasonably available as of December 14, 2011.  Our guidance consists of predictions only, however, and is subject to a wide range of known and unknown business risks and uncertainties, many of which are beyond our control. The forecasts and projections contained in the table above should not be regarded as representations by Broadcom that the estimated results will be achieved. Projections and estimates are necessarily speculative in nature and actual results may vary materially from the guidance we provide today.  The non-GAAP guidance presented above is consistent with the presentation of non-GAAP results as reported in our October 25, 2011 press release covering Broadcom's third quarter 2011 results.


The guidance set forth in the above table should be read together with the information under the caption, "Cautions Regarding Forward-Looking Statements" above, our Annual Report on Form 10-K for the year ended December 31, 2010, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and our other Securities and Exchange Commission filings. We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

Broadcom Business Press Contact
Donnelle Koselka
Director, Corporate Communications
949-926-3248
dkoselka@broadcom.com

 

Broadcom Investor Relations Contact
Chris Zegarelli
Director, Investor Relations
949-926-7567
czegarel@broadcom.com

 

SOURCE Broadcom Corporation; BRCM Corporate

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