Broadcom Inc.: Fiscal 3Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Broadcom Inc. (AVGO) on Thursday reported fiscal third-quarter earnings of $715 million.
On a per-share basis, the San Jose, California-based company said it had profit of $1.71. Earnings, adjusted for one-time gains and costs, came to $5.16 per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $5.11 per share.
The chipmaker posted revenue of $5.52 billion in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $5.5 billion.
Broadcom Inc. expects full-year revenue of $22.5 billion.
Broadcom Inc. shares have risen 18% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. In the final minutes of trading on Thursday, shares hit $300.58, a climb of 31% in the last 12 months.