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News > Technology
Broadcom proves a point
April 22, 1998: 6:26 p.m. ET

A week after its super IPO, chip maker reports strong 1Q earnings
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NEW YORK (CNNfn) - Nearly a week after it lit up Wall Street with its stunning initial public offering, Broadcom Corp. proved those investors right by reporting first-quarter profits of $7.7 million, compared with a loss of $763,000 in the same period a year ago.
     Broadcom, which makes chips used in such devices as set-top boxes and cable modems, reported earnings of 19 cents a share on a diluted basis, compared with a loss of 3 cents a diluted share a year ago.
     Basic earnings were 27 cents a share on revenues of $35 million, seven times higher than the $5 million in revenues reported in the year-ago quarter.
     Last Thursday, Broadcom's IPO finished at 53-5/8, 123 percent higher than its offering of 24.
     Shares of Broadcom (BRCM) closed Wednesday unchanged at 55-1/4. Back to top
     -- from staff and wire reports
    

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