Irvine-based chipmaker Broadcom Corp. on Tuesday reported first quarter revenue in line with estimates and an adjusted profit that beat Wall Street expectations.

Broadcom reported revenue of $1.8 billion in the March quarter, up less that 1% from a year earlier.

Adjusted profits hit $387 million, down nearly 5% from a year ago.

Analysts on average had forecast adjusted profits of $294 million.

Broadcom specializes in communication chips that go in tablets, smart phones, set-top boxes, broadband modems, networking gear and other products.

The company closed two acquisitions in the recently ended quarter.

In late February it finalized its $3.7 billion buy of NetLogic Microsystems Inc. in Santa Clara, Broadcom’s most expensive acquisition to date and one of the priciest among chipmakers in recent years.

The buy extends the company’s reach in fourth-generation wireless networks, or 4G, as well as processors.

Broadcom sells chips to many of the same network equipment makers that use NetLogic products.

Broadcom chips help direct traffic across networks while NetLogic chips examine the type of data on the network, boosting processing speed and efficiency.

In late March it closed its $195 million buy of Israel-based BroadLight Ltd., which makes chips and software for fiber optic broadband networks.

Broadcom has tapped Israel 10 times in the past decade for acquisitions of companies that have brought key pieces for its operations.

The company provided guidance on revenue, gross margins, and research and development for the current quarter.

Broadcom projects revenue between $1.9 billion and $2 billion, in line with Wall Street estimates.

Gross margins are projected to be down from 48.1% in the recently ended quarter due to acquisition-related charges.

Research and development is projected to hit $755 million to $770 million, up from $725 million in the recently ended quarter.

Investors sent Broadcom shares down more than 1% in afterhours trading to a market value of about $20 billion.