Broadcom laying off 1'150

During the quarter, Broadcom initiated a global restructuring plan to reduce expenses and better align its resources to areas of strategic focus. The plan includes a workforce reduction of up to 1,150 employees (some of whom originated from the Renesas acquisition). In connection with the plan, Broadcom recorded restructuring costs of $12 million in the third quarter of 2013 and anticipates that it will record approximately $20 million in restructuring costs in the fourth quarter of 2013. Net revenue for the third quarter of 2013 was $2.15 billion. This represents an increase of 2.7% compared with the $2.09 billion reported for the second quarter of 2013 and an increase of 0.8% compared with the $2.13 billion reported for the third quarter of 2012. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of 2013 was $316 million, or $0.55 per share (diluted), compared with a GAAP net loss of $251 million, or $0.43 per share (basic and diluted), for the second quarter of 2013 and GAAP net income of $220 million, or $0.38 per share (diluted), for the third quarter of 2012.