Broadcom Posts Wider Loss for 2nd Quarter

From Bloomberg News

Broadcom Corp., the largest maker of chips for cable modems, said its second-quarter net loss widened to $831.7 million despite rising sales.

The net loss was $2.87 a share, compared with $129.4 million, or 49 cents, in the year-earlier period. The Irvine company said it had costs of $779.8 million related to acquisitions, stock compensation, settlements and reorganization. Revenue rose to $377.9 million from $258 million last year.

It was the first full quarter under interim Chief Executive Alan Ross, who took over in January when co-founder Henry Nicholas resigned.

Shares of Broadcom rose $1.36 to $26.53 on Nasdaq.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World