SAN FRANCISCO—Fabless semiconductor provider Broadcom Corp. Tuesday (May 1) reported sales and profit that exceeded analysts' expectations, even as its net income in accordance with generally accepted accounting principles tumbled compared with the previous and year-ago quarters.
Broadcom (Irvine, Calif.) reported first quarter sales of $1.83 billion, up slightly from the previous quarter and compared to the first quarter of 2011. The company reported a net income of $88 million, down from net incomes of $254 million and $228 million in the previous and year-ago quarters, respectively.
Broadcom's sales for the quarter exceeded consensus analysts' expectations of $1.8 billion, according to Yahoo Finance. The company reported earnings of 65 cents per diluted share on a pro forma basis, excluding charges, exceeding analysts' expectations of 54 cents per share.
