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.
Fool contributor Eric Volkman has no position in Broadcom. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Why This Broadcom Ltd. Rumor Is Probably False
Recent management commentary contradicts this report.
5 Gadgets Under $100 That Will Blow Your Mind
You don't have to break the bank to get your hands on these seriously awesome gadgets today.
Should Intel Corporation Worry About Avago Technologies Ltd.?
Should Intel watch its back in the data center market?