Orlando, FL 12/14/11 (StreetBeat) -- After a string of downbeat forecasts from chip companies on the fourth quarter, Broadcom (Nasdaq: BRCM) this morning said that its own results for the quarter would be at the high-end of its previous forecast range. The company now sees revenue for the quarter of about $1.8 billion; Street consensus was $1.77 billion.The company also said product gross margin will be at the high of the prior range, and roughly flat sequentially.
R&D plus SG&A will be about $5 million lower than expected on a GAAP basis and in-line on a non-GAAP basis, with slower than anticipated hiring and “certain credits” in the period.
The chip makers expects to end the quarter with $5.1 billion in cash and marketable securities.
“Broadcom’s Q4 is coming in stronger than expected driven by solid shipments and tight operational management,” CEO Scott McGregor said in a statement.
BRCM this morning is up $1.99, or 7.1%, to $30.18.
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