SAN FRANCISCO Broadcom Corp (BRCM.O) posted lower first-quarter revenue on Thursday that slightly exceeded Wall Street's expectations as the chipmaker faces growing competition in China's smartphone market.
Broadcom reported first-quarter revenue of $1.98 billion, down 1 percent from the year-ago period. It said revenue in the second quarter would be between $2.0 billion and $2.1 billion.
Analysts on average had expected first-quarter revenue of $1.958 billion and second-quarter revenue of $2.072 billion, according to Thomson Reuters I/B/E/S.
In the first quarter, Broadcom had a net profit of $165 million, or 28 cents a share, compared with $191 million, or 33 cents a share, last year.
Non-GAAP earnings per share were 51 cents in the first quarter.
Broadcom's stock was up 0.8 percent in extended trading after closing up 2.4 percent at $31.14 in regular Nasdaq trade.
(Reporting by Noel Randewich; editing by Meredith Mazzilli and Matthew Lewis)