Broadcom on Wednesday reported a better-than-expected quarterly profit and boosted its dividend by 72 percent, days after the chipmaker took its $103 billion bid for Qualcomm hostile.
Shares of Broadcom rose 5 per cent in extended trading after the company also forecast first-quarter revenue largely above analysts' estimates.
The company said on Monday it planned to field a slate of 11 nominees to Qualcomm's board, its first formal move towards a hostile bid for the US chipmaker.
Broadcom's move came after Qualcomm rejected its US$70 per share bid, saying the offer undervalued the company and would face regulatory hurdles.
However, Broadcom's chief financial officer, Thomas Krause, appeared confident of overcoming regulatory hurdles.
"After having had initial meetings with certain relevant antitrust authorities, we remain confident that any regulatory requirement necessary to complete the combination will be met in a timely manner," Krause said in a post-earnings call.
A combined Broadcom-Qualcomm would become the dominant supplier of chips used in the 1.5 billion or so smartphones expected to be sold around the world this year.
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Read more:
Broadcom makes record-breaking $105 billion bid for Qualcomm
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Broadcom's wireless business has been a strong performer as soaring sales of Apple's iPhone and Android smartphones drive demand for its WiFi and Bluetooth chips.
The business far outperformed its wired infrastructure unit, which makes chips for set-top boxes and cable modems, with a 33.4 per cent rise in sales and accounted for much of its fourth-quarter profit.
Excluding items, the company earned $4.59 per share in the quarter ended Oct. 29, easily beating analysts' expectations of $4.52 per share.
Net revenue rose to $4.84 billion, slightly above the $4.83bn analysts had estimated.
The company also forecast current-quarter revenue of $5.30bn, plus or minus $75 million, helped by its acquisition of network gear maker Brocade Communications Systems.
Analysts on average were expecting revenue of $4.83bn, according to Thomson Reuters I/B/E/S.
Broadcom also raised its quarterly dividend to $1.75 per share from $1.02.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
COMPANY%20PROFILE
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KILLING OF QASSEM SULEIMANI
The years Ramadan fell in May
How to tell if your child is being bullied at school
Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
Begins to use language they do not normally use
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%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EAri%20Katcher%2C%20Ryan%20Welch%2C%20Ramy%20Youssef%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERamy%20Youssef%2C%20Amr%20Waked%2C%20Mohammed%20Amer%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
How%20I%20connect%20with%20my%20kids%20when%20working%20or%20travelling
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Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
COMPANY%20PROFILE
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