Broadcom Posts 1st-Quarter Results In Line With Reduced Estimates
             http://www.dj.com/http://www.dj.com/Wednesday, April 18, 2001 05:03 PM ET
             IRVINE, Calif. -- Broadcom Corp (BRCM, news). reported a sharp drop in first-quarter earnings from operations because of weak orders and said it hasn't seen any improvement since it issued a gloomy outlook last month.
             The communications-chip maker late Wednesday reported a net loss of $356.9 million, or $1.43 a share, compared with net income of $38.6 million, or 15 cents a share, a year earlier.
             Excluding a deduction related to performance-based warrants, acquisition- related expenses, settlement charges and payroll taxes on certain stock-option exercises, the company said it would have posted earnings of $24.2 million, or nine cents a share, compared with $44.9 million, or 18 cents a share, a year earlier.
             The mean estimate of analysts surveyed by Thomson Financial/First Call was for earnings from operations of nine cents a share.
             "Our first quarter results met the revised expectations that we communicated on March 6th. Looking ahead, as a result of the continued weakness in the communications sector, we have not yet seen improvement in order visibility from customers," President and Chief Executive Officer Henry T. Nicholas III said in a prepared statement.
             "Despite the current weakness that exists in the business, we continue to be confident that our product roadmaps in both the core and emerging markets will position us well as the economy recovers."
             Broadcom warned last month that it would post first-quarter earnings below analysts' estimates at that time, citing a "significant slowdown" in orders and said one of its largest customers, 3Com Corp., had terminated a significant contract on Feb. 28.
             Company executives had said the company lowered its guidance after it began to see a "significant level of customer order delays and pushouts."
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