Broadcom Profits Soar On Higher Rev; Boosts Dividend |
| Wall Street Journal - Feb 1, 2011 |
Broadcom Corp.'s (BRCM) fourth-quarter earnings more than quadrupled and revenue hit a record as the semiconductor company benefited from strong mobile and wireless demand.
In addition, the company boosted its dividend 12.5% to 9 cents and unveiled plans for a $300 million accelerated stock buyback under its existing share-repurchase program. The company has a market value of roughly $26.4 billion, according to Tuesday's closing price.
Broadcom is one of the chip makers benefiting from high exposure to the sweet spot for consumers--smartphones and other mobile devices. The company's chips are used to power Apple Inc.'s (AAPL) iPad, and its mobile and wireless segment has been helping drive record results.
"Broadcom is benefiting from some very powerful long-term trends," Broadcom President and Chief Executive Scott McGregor said on a conference call. "Entering 2011, we see increasing attach rates for our wireless connectivity devices in phones, tablets and a number of connected home and consumer electronic products."
Read Full Article from Wall Street Journal
- Posted: 2011-02-01 21:27:19
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