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Broadcom profit misses consensus by 57.6% in fiscal Q1

Broadcom Ltd. said its normalized net income for the fiscal first quarter ended Feb. 1 was 83 cents per share, compared with the S&P Capital IQ consensus estimate of $1.94 per share.

EPS increased 115.8% year over year from 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $229.4 million, an increase of 135.3% from $97.5 million in the year-earlier period.

The normalized profit margin rose to 14.0% from 13.8% in the year-earlier period.

Total revenue climbed 130.6% year over year to $1.64 billion from $709.0 million, and total operating expenses grew 120.3% on an annual basis to $1.22 billion from $553.0 million.

Reported net income grew 151.0% year over year to $339.2 million, or $1.22 per share, from $135.2 million, or 53 cents per share.