Broadcom Ltd (NASDAQ:AVGO) had a solid quarterly earnings report that saw its profit and revenue beat expectations, but shares fell after hours.

The company’s stock was up 2.75% by the end of trading Thursday, but fell back down after the bell. It reported for its first quarter of fiscal 2018, unveiling net income of $6.23 billion, amounting to $15.20 per share.

The figure was a considerable improvement over Broadcom’s quarter in the year-ago period, which reached $239 million, or 60 cents per share. The company’s strong earnings results could be attributed to benefits linked with recent changes in the U.S. tax code.

Excluding this benefit, the company’s adjusted earnings came in at $5.12 per share, which topped analysts’ expectations of $5.05 per share, according to data compiled by FactSet. Revenue came in at $5.33 billion, rising more than $1 billion from the year-ago sales of $4.14 billion.

The Wall Street consensus estimate was calling for Broadcom to bring in revenue of $5.32 billion. For the second quarter, the company predicts adjusted revenue of $5 billion, give or take $75 million.

The figure is in line with analysts’ guidance of $5 billion. Broadcom also recently announced that it is officially withdrawing its $117 billion bid to acquire U.S. chipmaker Qualcomm, Inc. (NASDAQ:QCOM) only days after President Trump blocked the company’s hopes of completing the move, citing national security fears.

AVGO stock was down about 1% after the bell on the company’s earnings news.