Broadcom Down 1% After Q1 Earnings Results
Leading semiconductor company Broadcom Corp. (NASDAQ: BRCM) released its fiscal Q1 earnings results after the closing bell on Tuesday. The company reported GAAP net income of $88 million or $0.15 per share, compared to $228 million or $0.40 per share, in the year ago period.
On a non-GAAP basis, which is comparable to analysts' consensus, Broadcom reported net income of $387 million or $0.65 per share, versus $407 million or $0.68 per share, in last year's first quarter. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.54.
Total revenues in the quarter were $1.827 billion, up from $1.816 billion last year. This also came in ahead of Street consensus revenue estimates of $1.80 billion.
Looking ahead to the second quarter, BRCM sees net revenue between $1.9 billion and $2.0 billion. Currently, analysts anticipate that the company will report revenue of $1.97 billion in the second quarter.
In Tuesday's after hours trading session, BRCM shares have lost 1.27% to $36.28.
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