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Monday, June 02, 2014
Broadcom To Sell Its Cellular Baseband Business

Broadcom is exploring strategic alternatives for its cellular baseband business, including a potential sale or wind-down.

The company on Monday confirmed that it has engaged investment bank JP Morgan in connection with its efforts. It expects a successful sale or wind-down of the cellular baseband business to result in a roughly $700 million reduction in annualized GAAP research and development and selling, general and administrative expenses, of which approximately $100 million relates to estimated reductions in stock-based compensation. As such, non-GAAP research and development and selling, general and administrative expenses are currently expected to be reduced by roughly $600 million. Broadcom's technological roadmap had fallen behind peers like Qualcomm, MediaTek and Marvell Technology Group Ltd.

Broadcom currently expects to organically reinvest roughly $50 million of these savings on an annualized basis into projects in the Broadband, Infrastructure and Connectivity businesses. This spending is expected to strengthen and accelerate the company's plans in the area of small cells, embedded processing and low-power connectivity.

Broadcom today also updated its business outlook for the three months ending June 30, 2014. Broadcom continues to expect revenue between $2.0 billion and $2.1 billion. Broadcom now expects both GAAP and non-GAAP product gross margin to be at or above the high end of the previously-guided range, driven principally by mix.

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