Broadcom 4Q profit down

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IRVINE, Calif. (AP) — Broadcom Corp. said Tuesday that its fourth-quarter net income fell nearly 4 percent but its profit beat market expectations

The semiconductor company said that its net income for the three months that ended Dec. 31 totaled $254 million, or 45 cents per share. That compares with $266 million, or 47 cents per share, earned in the same quarter last year.

Excluding restructuring, settlement costs and other adjustments, net income totaled 68 cents per share versus 83 cents per share in the prior period.

Analysts expected net income of 64 cents per share in the latest quarter, according to FactSet.

Revenue fell 6 percent to $1.82 billion from $1.95 billion last year due to weaker product revenue. Analysts forecast $1.81 billion.

Broadcom noted that it gained market share and posted record revenue for the quarter.

For the full year, the company earned $927 million, or $1.65 per share. That’s up from $1.08 million, or $1.99 per share, in the prior year. On an adjusted basis, the company earned $2.89 per share for the year versus $3.02 in the prior year. Its revenue rose to $7.39 billion from $6.82 billion for the year.

Shares of the Irvine-based company fell 10 cents to close at $34.35. Shares rose 65 cents, roughly 2 percent, to $35 in after-hours trading.