Semiconductor manufacturer Broadcom Corporation posted unaudited second quarter figures on Thursday that reflected increased revenue both sequentially and annually, with a net revenue of $2.10 billion.
The number represents a 1.8 percent increase over the first quarter of 2015 and a 2.7 percent increase over the same quarter last year.
The report noted a net quarterly income of $386 million, or $0.63 cents per share, as calculated in accordance with generally accepted accounting principles (GAAP). The second quarter earnings compare favorably to a net loss of $1 million in the second quarter of 2014 and mark an increase of $108 million over the first quarter of 2015.
According to Broadcom president and CEO Scott McGregor, the revenue growth was driven by “growth in the high-end smartphone, broadband access, and networking markets.”
Despite the gains, however, McGregor said the most important news of the second quarter was the announcement of the agreement for Avago Technologies Limited to acquire Broadcom.
“Once closed, we expect this transaction to create the world’s leading diversified communications semiconductor company with combined annual revenue of approximately $15 billion,” McGregor said. “We expect this transaction to significantly enhance long term shareholder value and are excited about the future of the combined company.”
The reported Q2 GAAP net income included the $22 million in costs associated with the proposed acquisition.
Because of the pending transaction, Broadcom has announced that it will no longer hold conference calls with analysts and investors to discuss its financial results.