Broadcom Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Broadcom Inc. (AVGO) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $1.33 billion, or $2.84 per share. This compares with $3.77 billion, or $8.80 per share, in last year's first quarter.

Excluding items, Broadcom Inc. reported adjusted earnings of $5.25 billion or $10.99 per share for the period.

Analysts on average had expected the company to earn $10.29 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 34.1% to $11.96 billion from $8.92 billion last year.

Broadcom Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $1.33 Bln. vs. $3.77 Bln. last year. -EPS (Q1): $2.84 vs. $8.80 last year. -Revenue (Q1): $11.96 Bln vs. $8.92 Bln last year.

-Guidance: Full year revenue guidance: $50.0 Bln