Broadcom Q1 Net More Than Doubles

Net profit doubled, and then some, for Broadcom (NASDAQ: BRCM  ) in its first fiscal quarter. The just-released earnings report showed that revenue came in at $1.95 billion, up from the $1.77 billion in the same period the previous year. Net profit zoomed ahead to $191 million ($0.33 per diluted share) from Q1 2012's $88 million ($0.15).

The leap in the bottom line, however, was affected by settlement costs of $86 million in the year-ago quarter.

Nevertheless, Q1 2013's numbers were strong enough to beat expert projections. Broadcom had previously issued revenue guidance of $1.9 billion for the quarter, while the average analyst estimate was for EPS of $0.22.

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