Wireless chip maker Avago Technologies (AVGO) this afternoon reported fiscal Q1 revenue and earnings per share ahead of analysts’ expectations, and forecast the current quarter’s revenue in line with expectations.
Revenue in the three months ended in January rose 2%, year over year, to $563 million, yielding EPS of 62 cents, excluding some costs.
Analysts had been modeling $552 million and 56 cents a share.
For the current quarter, the company sees revenue rising 1% to 4% from last quarter, implying a revenue range of $568.6 million to $585.5 million. That is in line, at the midpoint of $577 million, with the average Street estimate of $577 million.
CEO Hock Tan remarked that “During the first fiscal quarter, Wireless was much better than normal seasonality due to strength of certain OEM winners while Industrial was down as a result of inventory reductions in our channel and continued weak demand.
This quarter will see growth from “Wired Infrastructure” and a “stabilizing Industrial market,” said Tan.
Avago shares are down 40 cents, or 1%, at $35.50 in late trading.
Avago management will host a conference call with analysts at 5 pm, Eastern time, and you can catch the webcast of it here.
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