EARNINGS ROUNDUP / BROADCOM
Times Wire Reports
Broadcom Corp. swung to a loss of $159.2 million, or 32 cents a share, in the fourth quarter after it took big charges for an acquisition and a write-down in a division’s value.
Sales topped forecasts, but shares dropped 4% in after-hours trading as the Irvine chip designer revealed that it was freezing salaries and cutting 200 workers, or 3% of its staff. A year earlier, Broadcom posted a profit of $90.3 million, or 16 cents a share.
Broadcom’s first-quarter sales guidance of $800 million to $875 million fell short of Wall Street’s forecast.
