Broadcom Slumps; Q3 Results Top Estimates; Sees Sequentially Flat Q4 Revenue (Revised)

Broadcom (BRCM) shares are down sharply in late trading after the chip maker posted Q3 earnings.

Note: Broadcom has the confusing habit of reporting only GAAP profits, while the Street tracks non-GAAP results. This made it look like the company suffered a huge earnings miss in the quarter, although this turns out not to be the case. Read on.

For the quarter, the company reported revenue of $1.254 billion, up 20.6 percent from the second quarter, down 3.4 percent from a year ago, and ahead of the Street at $1.16 billion.

GAAP EPS was 16 cents a share, which a Broadcom spokesman notes is above the Street at 11 cents. On a non-GAAP basis–a number not in the release–the company earned 40 cents, beating the Street consensus at 33 cents.

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