Shares of Broadcom Ltd (NASDAQ:AVGO) ended Friday session in red amid volatile trading. The shares closed down -1.48 points or -0.86% at $171.24 with 8.31 million shares getting traded. Post opening the session at $172.42, the shares hit an intraday low of $169.85 and an intraday high of $172.99 and the price vacillated in this range throughout the day. The company has a market cap of $68.35 billion and the numbers of outstanding shares have been calculated to be 397.33 million shares.
Broadcom Ltd (AVGO) on Sept. 01, 2016 reported financial results for the third quarter of its fiscal year 2016, ended July 31, 2016, and provided guidance for the fourth quarter of its fiscal year 2016.
Broadcom Limited is the successor to Avago Technologies Limited (“Avago”). Following Avago’s acquisition of Broadcom Corporation (“BRCM”) on February 1, 2016 (the “Acquisition”), Broadcom Limited became the ultimate parent company of Avago and BRCM. Financial results for the fiscal periods prior to the Acquisition relate solely to the Company’s predecessor, Avago. Unless the context otherwise requires, references in this press release to “Broadcom,” “the Company,” “we,” “our,” “us” and similar terms are to Broadcom Limited from and after the effective time of the Acquisition and, prior to that time, to its predecessor, Avago. The financial results from businesses that have been classified as discontinued operations in the Company’s financial statements are not included in the results presented below, unless otherwise stated.
Third Quarter Fiscal Year 2016 GAAP Results
Net revenue was $3,792 million, an increase of 7 percent from $3,541 million in the previous quarter and an increase of 119 percent from $1,735 million in the same quarter last year.
Gross margin was $1,782 million, or 47.0 percent of net revenue. This compares with gross margin of $1,046 million, or 29.5 percent of net revenue, in the prior quarter, and gross margin of $884 million, or 51.0 percent of net revenue, in the same quarter last year.
Operating expenses were $2,046 million. This compares with $2,047 million in the prior quarter and $585 million for the same quarter last year.
Operating loss was $264 million, or 7 percent of net revenue. This compares with operating loss of $1,001 million, or 28 percent of net revenue, in the prior quarter, and operating income of $299 million, or 17 percent of net revenue, in the same quarter last year.
Net loss, which includes the impact of discontinued operations, was $315 million, or $0.75 per diluted share. This compares with net loss of $1,255 million, or $3.02 per diluted share, for the prior quarter, and net income of $240 million, or $0.84 per diluted share, in the same quarter last year.
Shares of 8×8, Inc. (NASDAQ:EGHT) ended Friday session in green amid volatile trading. The shares closed up +0.01 points or 0.07% at $14.77 with 8.18 million shares getting traded. Post opening the session at $14.76, the shares hit an intraday low of $14.49 and an intraday high of $14.86 and the price vacillated in this range throughout the day. The company has a market cap of $1.30 billion and the numbers of outstanding shares have been calculated to be 89.68 million shares.
8×8, Inc. (EGHT) on August 25, 2016 announced that the company has been recognized by Gartner as a Leader in the August 23, 2016 “Magic Quadrant for Unified Communications as a Service (UCaaS), Worldwide”1 for the fifth consecutive year. This is validation for 8×8’s momentum in the mid-market and enterprise segment; the reach of its global network, delivery and deployment capabilities; and the high quality, reliability and security of its global cloud communications solutions.
According to Gartner, “The UCaaS market as a whole is transitioning from the ‘early adopter phase’ to the ‘early mainstream phase’ for enterprise delivery. Many UCaaS providers now support global deployments spanning multiple regions (for example, 30 or more country markets). The larger UCaaS providers can now provide professional services, project management, local telephony services, customer support and import/export authority in dozens of country markets.”
“We are honored to be recognized once again as a leader in the Gartner Magic Quadrant,” said Vik Verma, CEO of 8×8. “This serves as an important milestone for us and we believe validates the significant strides we’ve made this year in the mid-market and enterprise with our global cloud communications platform. Customers around the world are recognizing the need for a tightly integrated single platform for all their communications requirements across unified communications and contact center, and 8×8 is the only vendor that can deliver this at a global scale. In addition, with our increasing international footprint–Global Reach Network, extensive localization, deployment and support capabilities–we look forward to further supporting our customers’ global and regional expansion efforts.”