Avago Technologies Q1 Adj. Profit Beats Estimate - Quick Facts

(RTTNews) - Avago Technologies Ltd. (AVGO) reported net income for the first quarter of $134 million or $0.53 per share, compared to $125 million or $0.50 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $217 million, or $0.84 per share, compared to $163 million, or $0.65 per share in the prior year quarter. On average, twelve analysts polled by Thomson Reuters expected the company to earn $0.78 per share. Analysts' estimates typically exclude special items.

Net revenue for the latest first quarter rose 23% to $709 million from $576 million a year ago, while 16 analysts expected revenue of $705.29 million for the first quarter.

Looking forward, the company said it expects second quarter revenue to decline 3% to 6% sequentially.