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Avago looking up with 50% net income increase

Over the last quarter, the firm has also increased its revenue by 9% to $560 million compared to the same quarter last year.

Avago Technologies, a global supplier of analogue interface components for communications, industrial and consumer applications, has reported financial results for the second quarter of its fiscal year 2011, ended May 1, 2011.

The firm has also provided guidance for the third quarter of its fiscal year 2011.

 



Net revenue was $560 million, an increase of 2 % compared with the previous quarter, and up 9 % from the same quarter last year.

On a GAAP basis, gross margin was $275 million, or 49.1 % of net revenue. This compares with gross margin of $233 million, or 45.2 % of net revenue in the same quarter last year.

Operating expenses were $137 million. This compares with $125 million in the same quarter the previous year.

Income from operations was $138 million, compared to $108 million in the same quarter last year.

Second quarter net income was $135 million, or $0.54 per diluted share. This compares with net income of $90 million, or $0.37 per diluted share in the same quarter last year.

The Company’s cash and cash equivalents balance at the end of the second quarter was $596 million, compared to $363 million at the end of the prior quarter. The increase over the previous quarter is primarily due to cash provided by operating activities of $251 million.

In addition, on March 30, 2011 the Company paid an interim cash dividend of 8 cents ($0.08) per ordinary share, totalling approximately $20 million.

The percentages of net revenues by target markets compared to the same quarter last year have hardly altered; the only difference was that wireless communications revenues increased by 1% at the expense of the wired infrastructure market.

 

 


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