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• BRCM 83% Rate It

Wireless chipmaker Broadcom Corporation ( BRCM ) late Tuesday posted a sharp downturn in first quarter earnings, hurt by one-time items, but adjusted profit easily topped Wall Street's view.

The Irvine, CA-based company reported first quarter net income of $88 million, or 15 cents per share, compared with $228 million, or 40 cents per share, in the year-ago period. Excluding special items, adjusted profit was 65 cents per share.

Revenue was nearly flat from last year at $1.83 billion.

On average, Wall Street analysts expected a much lower profit of 55 cents per share, on smaller revenue of $1.78 billion.

Broadcom shares closed up slightly in Tuesday trading.

The Bottom Line
Shares of Broadcom ( BRCM ) have a 1.09% dividend yield, based on today's closing stock price of $36.71. The stock has technical support in the $32-$33 price area. If the shares can firm up, we see overhead resistance around the $38-$39 price levels.

Broadcom Corporation ( BRCM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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