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Cavium forecasts Q3 sales below Wall Street, shares

(Reuters) - Chipmaker Cavium Inc posted a quarterly profit above market estimates, helped by strong growth in its broadband and consumer business, but forecast weaker-than-expected third-quarter revenue, sending its shares down 10 percent after hours.

The company, which makes processors for networking and communications equipment makers, expects third-quarter revenue of $73-$74 million, below estimates of $76.4 million, according to Thomson Reuters I/B/E/S.

It expects an adjusted profit of 33 cents in the same period, in line with market expectations.

Second-quarter net income rose to $1.9 million, or 4 cents a share, from $647,000, or 1 cent per share, a year ago.

Excluding items, Cavium, whose customers include Cisco Systems Inc , Juniper Networks Inc and Alcatel Lucent , earned 34 cents a share.

April-June revenue grew 13 percent to $71.6 million.

Analysts on average had expected earnings of 32 cents a share on revenue of $71.58 million, according to Thomson Reuters I/B/E/S.

Shares of the Mountain View, California-based company, which rose 2 percent after the results, later fell over 10 percent to $28.75 after hours.

They closed at $32.06 Tuesday on Nasdaq.

(Reporting by Kartick Jagtap and Sayantani Ghosh in Bangalore; Editing by Maju Samuel)

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