NEW YORK (TheStreet) -- Avago Technologies (AVGO) hit an all-time high of $63.49 as of 11:47 a.m. EST on Wednesday morning after the chipmaker announced first-quarter results that surpassed analysts' expectations.
Avago, which makes analog semiconductors, reported a net income increase to $134 million, or 53 cents a share, from $125 million, or 50 cents a share, in the same period one year earlier. Earnings per share were 84 cents, excluding items. Revenue also increased 23% to $709 million. These figures beat analysts' expectations of EPS of 78 cents on revenue of $705.3 million, according to Thomson Reuters I/B/E/S.
Avago also forecast a second-quarter sales decline of 3% to 6% due to a loss in revenue from a smartphone manufacturer.
"In the first fiscal quarter of the year, we experienced significant growth in our wireless and wired infrastructure end markets and a clear recovery in our industrial as we compare revenue to the same quarter a year ago," said President and CEO Hock Tan in the company's statement. "While we expect this broad based improvement to sustain into the second fiscal quarter, measured on a year over year basis, this will be overshadowed by a sequential decline in our wireless revenue resulting from the annual product transition at a major smartphone OEM customer."
The statement did not name the company, but Avago's customers include Apple (AAPL), Samsung, LG and Huawei Technologies.