Broadcom Corp. (NASDAQ: BRCM) reported late Tuesday that its first-quarter profit was $228 million, or 40 cents a share, compared with a profit of $210 million, or 40 cents a share, in the year-ago quarter. On an adjusted basis, the company earned 68 cents a share in the latest quarter. Revenue rose to $1.82 billio from $1.46 billion. Analysts, on average, had expected the company to report earnings of 59 cents a share on revenue of $1.81 billion.
"Broadcom reported solid results for the first quarter, with revenue above the mid-point of guidance and better-than-expected profitability," said Scott A. McGregor, Broadcom's President and Chief Executive Officer. "In addition, momentum continues to build around our innovative solutions. Following a record year in 2010, we had record design wins in the first quarter, which speaks to the continued underlying strength of our integrated solutions for the Home, Hand and Infrastructure markets."
Broadcom shares slumped more than 6% in after-hours trading.
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