Broadcom Q1 Revs Beat Estimates; Strength in Wireline Cited

Broadcom (BRCM) reported Q1 revenues of $1.032 billion, beating the Street consensus of $992.3 million. GAAP profits in the quarter were 14 cents a share; that beat the Street consensus of 6 cents. (The most widely quoted estimate seems to be 28 cents; that number excludes stock compensation.)

The company said that results came in “much stronger than we expected” due to greater demand in its wireline business.

Broadcom said that while it remains cautious on the economy, it expects “solid revenue growth for the second quarter within each of our three major target markets.”

Broadcom shares, which fell 27 cents in the regular session, are up 14 cents, to $23.69 in after hours trading.