Avago Trades Higher on Q1 Results

Avago Technologies

released its fiscal first-quarter earnings results on Tuesday after the market close. The company reported net income of $134 million or $0.54 per share, compared to $135 million or $0.54 per share in last year's corresponding quarter. On an adjusted basis, which is comparable to analysts' consensus, the company reported income of $168 million or $0.66 per share, compared to $165 million or $0.64 per share, last year. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.59. Revenues in the quarter rose 3 percent to $577 million versus $560 million in last year's first-quarter. This compared to analysts' consensus revenue estimates of $577.67 million. In Tuesday's after hours trading session, AVGO shares have risen 3.13% to $32.25.