SINGAPUR (dpa-AFX) - Avago Technologies Limited (AVGO) Wednesday reported net income for the first quarter of $125 million or $0.50 per share, rising from net income of $119 million or $0.48 per share in the same quarter last year.
Adjusted net income for the quarter was $156 million or $0.62 per share, down from $165 million or $0.65 per share last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the quarter grew 2 percent to $563 million, coming in ahead of the consensus Street estimate of $552.0 million.
Gross margin for the quarter decreased to 48.0 percent from 49.3 percent last year.
For the second quarter, the company expects a sequential improvement of 1 to 4 percent in net revenue.
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