Irvine-based Broadcom Corp. said Tuesday revenue climbed 56% in the second quarter but delayed reporting earnings, pending an investigation into stock option grant timing.
The company didn’t say when the full results would be released for the second quarter.
The chipmaker reported revenue of $941.1 million during the quarter, slightly missing analysts estimates of $941.8 million. That beat first-quarter revenue of $900.6 million by 4.5%.
The company’s cash horde managed a small increase, hitting a record $2.4 billion, an increase of 3% compared to the first quarter.
“Broad-based growth within our target end markets enabled Broadcom to achieve record levels of revenue and cash, cash equivalents and marketable securities in the second quarter,” said Scott McGregor, chief executive. “Despite current near-term industry challenges and global uncertainties, we continue to experience strong design wins.”
The company’s stock slid 6% in afterhours trading after losing more than 2% in value during the trading day.
Last week, Broadcom it’s likely to restate more than five years of earnings and take a charge of more than $750 million to account for the timing of stock options.
Some option grants awarded from 2000 to 2002 were improperly backdated, the chipmaker’s audit committee said in a preliminary finding.
The restatement could affect financial statements for 2000 through 2005 and the first quarter of 2006, Broadcom said.
Most of the granted options never were excersized because Broadcom’s shares
fell below the grant price during the tech downturn, the company said.
