Broadcom Jumps on Q1 Results

Global semiconductor company Broadcom

released its fiscal first-quarter earnings results after the closing bell on Tuesday. The company reported earnings per share and revenue that were ahead of Wall Street consensus estimates, sending the stock up a little less than 5 percent in late trading. Broadcom reported net income of $191 million or $0.33 per share, compared to $88 million or $0.15 per share, in last year's corresponding period. On an adjusted basis, which is comparable to analysts' estimates, Broadcom reported net income of $400 million or $0.65 per share, compared to $387 million or $0.65 per share, in last year's first-quarter. This easily topped Wall Street expectations of $0.56 per share. Net revenue in the quarter was up 9.7 percent to $2.01 billion from $1.83 billion last year. This also exceeded street consensus of $1.91 billion.