Broadcom profit and revenue miss forecasts

Broadcom Corp. reported second-quarter net income of $386 million, after reporting a loss in the same period a year earlier.

The Irvine-based chip maker said it had net income of 63 cents per share. Earnings, adjusted for non-recurring costs, were 72 cents per share.

The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The company posted revenue of $2.1 billion in the period, which also did not meet Street forecasts for $2.11 billion.

For the current quarter ending in September, Broadcom said it expects revenue in the range of $2.06 billion to $2.21 billion. Analysts expected revenue of $2.24 billion.

After the release of earnings, Broadcom shares lost 46 cents, or 0.9%, to $51.35.