Broadcom Announces $1 Billion Share Buyback
Posted on: Wednesday, 6 August 2008, 06:00 CDT
Communications chipmaker Broadcom has announced a $1 billion share repurchase program, which is about 8.1% of its current $12.3 billion market capitalization.
The company had projected revenue between $1.25 billion and $1.3 billion for the third quarter without any profit outlook. During the first half of the year, it reported a 120% increase in net income to $209.1m on revenue up 24% at $1.79 billion.
The company expects to use cash on hand to fund the repurchases. Since 2005, the company has spent $2.43 billion on its share repurchase program. The new authorization is valid through July 31, 2011.
Source: Datamonitor
Related Articles
- H-P buying Compaq for $25 billion
- Bush Request for Iraq May Top $80 Billion
- Cingular seeking NextWave licenses ; Working on $1.4 billion deal to expand reach in big markets
- Africa may add a billion people by 2050
- Congressional Committee Approves $15.5 Billion Budget for NASA
- Bush Seeks $1.9 Billion for Disaster Fund
- Deficit Swells to Record $136.1 Billion
- AT&T, Verizon wireless sell Praha stake for $1.05 billion
- Middle East optical industry worth Dh 7 billion: Dubai World Trade Centre
- Senate OKs Billions for Nuclear Power
Rating: 2.8 / 5 (10 votes)
 |
 |
Rate this article:
User Comments (0)
RSS Feeds