Broadcom's Revenue May Trail Analysts' Estimates
IRVINE, Calif. (TheStreet) -- Broadcom's (BRCM) shares slipped after the supplier to Apple (AAPL) and other companies suggested second-quarter revenue may miss analysts' estimates.
The chipmaker expects revenue of $1.9 billion to $2 billion. Analysts surveyed by Thomson Reuters were looking for $1.97 billion. For the first quarter, the component supplier brought in revenue of $1.827 billion, up slightly from $1.816 billion in the prior year's quarter, and above analysts' estimates of $1.8 billion.
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| Broadcom reported its first-quarter results after market close on Tuesday. |
Excluding items, Broadcom earned 65 cents a share, down from 68 cents a share in the previous year's quarter, but easily surpassing Wall Street's estimate of 55 cents a share.
"Broadcom performed well in the first quarter, with revenue near the high end of the guided range and better-than-expected underlying profitability," noted Scott McGregor, the Broadcom CEO, in a statement released after the market close.
Hot on the heels of strong results from the likes of Intel (INTC), AMD (AMD) and Texas Instruments (TXN), Broadcom's first-quarter product gross margin was 48.1%. Excluding items, Broadcom's gross margin was 52%. Broadcom's shares, however, dipped 36 cents, or 0.97%, to $36.35 in extended trading. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.Select the service that is right for you!
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