Broadcom reported Q4 net revenue of $539.4 million, a decrease of 16.6% from the $646.5 million reported for Q3 2004 and an increase of 12.6% from the $479.1 million reported for Q4 2003. Q4 net income (GAAP) was $71.1 million, or $.20 per share (diluted), compared with GAAP net income of $43.9 million, or $.13 per share (diluted), for Q3 2004.
“As discussed previously, our fourth quarter results were negatively impacted by the industry-wide inventory correction that affected all of Broadcom’s business groups, but which was most pronounced within a limited number of customers in our direct broadcast satellite (DBS) and enterprise networking businesses. In addition, we continued to experience the long-anticipated decline in our chipset business for servers based on Intel processors. Our focus remains on entering new markets and bringing new products into existing markets,” said Scott McGregor, Broadcom’s President and CEO.
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