Chipmaker Broadcom's 1st-quarter profit, revenue beat Street

Reuters News
Posted: Apr 23, 2013 4:28 PM

By Noel Randewich

SAN FRANCISCO (Reuters) - Chipmaker Broadcom <BRCM.O> posted first-quarter profit and revenue above expectations and its revenue forecast also topped estimates, despite investors' worries about slower growth at key customer Apple <AAPL.O>.

Broadcom, whose chips are used in products ranging from television set-top boxes to Apple's iPhone, posted first-quarter revenue of $2.01 billion, up 9.7 from the year-ago period.

It said revenue in the second quarter would be $2.10 billion, plus or minus 4 percent.

Analysts, on average, had expected first-quarter revenue of $1.913 billion and second-quarter revenue of $2.050 billion, according to Thomson Reuters I/B/E/S.

Broadcom reported a net profit of $191 million, or 33 cents per share, compared with a net profit of $88 million, or 15 cents per share, in the year-ago quarter. Adjusted earnings per share were 65 cents, beating the 56 cents expected by analysts.

Shares of Broadcom rose 2.33 percent in extended trade after closing up 1.17 percent at $32.98.

(Reporting By Noel Randewich)