Irvine-based communications chipmaker Broadcom Corp. on Tuesday reported results for the first quarter that beat Wall Street’s expectations.
Excluding charges for stock compensation, income taxes and other onetime costs, Broadcom posted profits of $282 million, up 61% from a year earlier and beating analysts’ expected $233 million in profits.
The company reported sales of $1.46 billion, up 71% and topping analysts’ expectation of $1.38 billion in revenues.
“Broadcom delivered record revenues in the first quarter,” Chief Executive Scott McGregor said in a statement. “Our focus to increase expenses more slowly than revenue produced solid operating margins and record earnings per share.”
For the current quarter, Broadcom said it’s expecting sales of $1.54 billion to $1.64 billion, more than double the sales it saw during the same period in 2009 and trouncing analysts’ expectation of $1.42 billion in sales.
It didn’t give a profit outlook. Wall Street is looking for adjusted profits of $238 million for the third quarter.
Broadcom’s chips go into computers, television set-top boxes, cell phones and other consumer electronics.
