UPDATE: Avago Tech (AVGO) Tops Q2 EPS by 9c; Guides Q3 Revs Above Views; Plans Job Cuts
Avago Tech (NASDAQ: AVGO) reported Q2 EPS of $0.85, $0.09 better than the analyst estimate of $0.76. Revenue for the quarter came in at $901 million versus the consensus estimate of $679.59 million.
Avago Tech sees Q3 2014 revenue of $1.3-1.4 billion, versus the consensus of $1.24 billion.
On May 13, 2014, the Company announced that it was implementing cost reduction activities associated with its recently completed acquisition of LSI Corporation (“LSI”). As part of this exercise Avago expects to eliminate approximately 1,100 positions from its workforce across all business and functional areas on a global basis. In connection with this action, the Company expects to take charges of between approximately $120 million and $140 million, in the aggregate, over its next six fiscal quarters. The Company does not plan to further update these estimates but will provide details of LSI acquisition-related restructuring costs and expenses as part of its quarterly financial reporting.
For earnings history and earnings-related data on Avago Tech (AVGO) click here.