Broadcom Inc. Q1 Profit Increases, Beats Estimates

(RTTNews) - Broadcom Inc. (AVGO) announced earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $5.503 billion, or $1.14 per share. This compares with $1.325 billion, or $0.28 per share, last year.

Excluding items, Broadcom Inc. reported adjusted earnings of $7.823 billion or $1.60 per share for the period.

Analysts on average had expected the company to earn $1.51 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 24.7% to $14.916 billion from $11.961 billion last year.

Broadcom Inc. earnings at a glance (GAAP) :

-Earnings: $5.503 Bln. vs. $1.325 Bln. last year. -EPS: $1.14 vs. $0.28 last year. -Revenue: $14.916 Bln vs. $11.961 Bln last year.

-Guidance: Next quarter revenue guidance: $14.9 Bln