Broadcom Corporation (BRCM) generated revenues of $1.796 billion in the second quarter of 2011, up 12% year over year but down 1% sequentially and slightly missed the Zacks Consensus Estimate of $1.806 billion.
In terms of end-markets, the Broadband Communications segment was up slightly less than expected, principally due to weakness in consumer electronics and some continued inventory issues in set-top box. The Mobile & Wireless segment was down as anticipated due to some softness at a number of key customers. The Infrastructure and Networking segment was roughly flat as expected.
On a product basis, product revenue grew 13.0% year over year to $1.74 billion. Income from the Qualcomm (QCOM) agreement was $51.7 million. License revenues declined 57% year over year to $3.0 million.
Shares of E-Trade Financial (ETFC) fell 1.2% on Tuesday following a media report Monday that TD Ameritrade Holding's (AMTD) board will discuss a potential bid for the online brokerage. Plum Creek Timber Co. (PCL) shares also slid 3.4% after reporting quarterly earnings of 27 cents a share, slightly below 28 cents a share projected by analysts in a FactSet Research survey. But the Financial Select Sector SPDR ETF (XLF) , which tracks the financial stocks in the S&P 500 (SPX) , edged up 0.1% as Regions Financial (RF) rose 2.4% and Morgan Stanley (MS) climbed 1.7%. American International Group (AIG) also was a notable gainer, adding 1.1%.
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