Broadcom bolsters Q1 profit estimates

Broadcom on Wednesday adjusted its profit guidance for the company's upcoming first quarter financial results. The wireless and broadband player said it now expects adjusted earnings per share of $5.10, compared to the consensus estimate of $4.95 per share.

The company also revised its Q1 revenue outlook to a range of $5.30 billion to $5.35 billion, up from its previous range of $5.22 billion to $5.37 billion.

As for the next quarter, Broadcom sees Q2 revenue of $5 billion plus-or-minus $75 million, above analyst estimates for revenue of $4.92 billion.

"Looking ahead to our second fiscal quarter, strong data center demand for our wired and enterprise storage products and a seasonal pick up in broadband is expected to offset a greater than seasonal decline in wireless," CEO Hock Tan said in a release.

The semiconductor firm doesn't list an official earnings date on its calendar. Broadcom made headlines recently after it offered to buy Qualcomm in a massive $130 billion deal that would potentially create a semiconductor, industrial internet and 5G juggernaut. The deal was quickly shut down in a unanimous decision by Qualcomm's board, which said the deal undervalued Qualcomm and its future prospects.

Undeterred, Broadcom in December submitted a proposal to nominate a slate of 11 independent directors to replace Qualcomm's entire existing board, setting the stage for a proxy fight over control of the global chip giant.

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