Broadcom +3.7% as Q1 beats on top, bottom lines

|About: Broadcom Limited (AVGO)|By:, SA News Editor

Broadcom (AVGO +2%) is up another 3.7% after hours following fiscal first quarter earnings where acquisition-fueled revenue more than doubled and still beat consensus.

Guidance for the out quarter was strong as well. Gross margin came in at 62.4%, up from a year-ago 61.1% and last quarter's 60.8%.

That's at the top end of previous guidance, says CEO Hock Tan: “We expect healthy demand for our products to continue and we are guiding second fiscal quarter revenue to grow organically by 15% on a year over year basis.”

Net revenue by segment: Wired infrastructure, $2.09B (up 441%); Wireless communications, $1.175B (up 103%); Enterprise storage, $707M (up 4%); Industrial and other, $180M (up 29%).

For fiscal Q2, it's forecasting non-GAAP net revenue of $4.025B-$4.175M (well above consensus for $3.9B), with gross margin of 61-63%. It sees operating expenses at $789M.

Conference call to come at 5 p.m. ET.

Press Release

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