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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Broadcom calls the inquiry, reportedly for anticompetitive tactics, "immaterial to our business."
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