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© filmfoto dreamstime.com Components | March 04, 2016

Broadcom: 1'900 to leave Apple's supplier

The chipmaker – and Apple supplier – Broadcom is going to cut 1'900 jobs globally.
Broadcom Limited – the successor to Avago Technologies and Broadcom Corporation – is reportedly laying off 1'900.

Reuters writes that Broadcom expects charges of about USD 650 million related to the job cuts through 2018.

The company has also released the first financial results following the acquisition, however - it relates solely to the predecessor, Avago, for the fiscal periods prior to the merger.

Net revenue was USD 1'771 million, a decrease of 4 percent from USD 1'840 million in the previous quarter and an increase of 8 percent from USD 1'635 million in the same quarter last year.

Gross margin was USD 941 million, or 53 percent of net revenue. This compares with gross margin of USD 997 million, or 54 percent of net revenue in the prior quarter, and gross margin of USD 826 million, or 51 percent of net revenue in the same quarter last year.

Operating expenses were USD 466 million. This compares with USD 483 million in the prior quarter and USD 425 million for the same quarter last year.

Operating income was USD 475 million, or 27 percent of net revenue. This compares with operating income of USD 514 million, or 28 percent of net revenue, in the prior quarter, and USD 401 million, or 25 percent of net revenue, in the same quarter last year.

Net income, which includes the impact of discontinued operations, was USD 377 million. This compares with net income of USD 429 million for the prior quarter, and USD 351 million in the same quarter last year.
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