Broadcom reports record sales

Broadcom (Irvine, Calif.) posted a net income in accordance with generally accepted accounting principles (GAAP) of $210 million, or 40 cents per share. The company's bottom line improved significantly from $59 million in the fourth quarter of 2009 and a GAAP net loss of $92 million in the first quarter of 2009.

First quarter sales improved by 9 percent compared with the fourth quarter of 2009 and by 71 percent compared with the first quarter of 2009.

Consensus analyst estimates had called for Broadcom to report first quarter sales of $1.38 billion, according to Yahoo Finance.

"Demand for current products, coupled with new product introductions, should enable us to deliver strong sequential growth into the second quarter," said Scott McGregor, Broadcom's president and CEO, in a statement.