Categories Earnings, Technology

Broadcom reports stellar results post Qualcomm deal blockade

Broadcom (AVGO) reported its first quarter results just days after the US government blocked the Qualcomm (QCOM) deal citing security concerns. As a result, the chip maker has pulled back its offer to acquire its rival. Sales rose 29% to $5.3 billion boosted primarily by Wireless segment. Wireless continued its stellar growth from last year recording $2.2 billion in sales, which spiked 88% compared to last year. On the flip side, Wired segment slipped 10% to $1.8 billion.

Broadcom first quarter results

On the earnings front, the company reported $6.2 billion or $14.62 per share. This includes $5.79 billion of tax benefits due to the recent tax reforms. On an adjusted basis, earnings came in at $5.12 per share, which rose 41% compared to prior year period.

Broadcom’s board has sanctioned $1.75 as interim cash dividend per ordinary share, payable on March 29, 2018. Record date for payment is March 22, 2018.

For the second quarter, GAAP revenue is expected to be $4.99 billion (+/- $75 million) and operating expense to come in at $1.38 billion.

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