Avago Q1 EPS Beats Estimates

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It was a solid beat on profits for Avago Technologies (NASDAQ: AVGO  ) , which has reported its fiscal Q1 2013 results. For the period, the Singapore-based tech component maker's net revenue inched up by 2% on a year-over-year basis to $576 million. Net income was $163 million ($0.65 per diluted share), a 4% gain over Q1 2012's figure of $156 million ($0.62).

On average, analysts tracking the company expected $576 million in the top line and EPS of $0.55.

Avago also provided guidance for its current quarter. The company believes its net revenue will be 2%-5% down from that of Q1, gross margin will come in at 49.75%-51.75%, and operating expenses will total roughly $130 million. It did not provide an estimate for net profit.

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