Wireless chip maker Avago Technologies (AVGO) this afternoon reported fiscal Q1 revenue that met analysts' expectations, and profit that topped consensus, and said that the company's chief financial officer would step down “to pursue other opportunities.”
Revenue in the three months ended February 3rd rose 2%, year over year, to $576 million, yielding EPS of 65 cents, excluding some costs.
Analysts had been modeling $576 million and 55 cents.
For the current quarter, the company expects revenue to fall 2% to 5%, as business declines from a single large customer going through a “product transition,” the company said. Analyses had been expecting revenue to rise quarter to quarter.
CEO Hock Tan remarked, “During the first fiscal quarter, wireless demand remained steady, helped by multiple smart phone launches.”
“For the second quarter, we expect a product transition with one large OEM will cause wireless to decline, partially offset by program ramps at certain other OEM customers. We also expect growth in wired infrastructure to resume, helped by design wins in next generation data centers.”
In a separate release, the company said CFO Douglas Bettinger will leave March 8th, after more than four years with the company, and will be replaced on an interim basis by controller Anthony Maslowski.
Avago shares are down 13 cents, or 0.4%, at $33 in late trading.
Correction: A prior version of this post contained the erroneous headline saying that Avago's CEO had stepped down, when in fact it was the company's CFO. My apologies for any confusion caused by the error.
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