Broadcom Inc.: Fiscal 2Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Broadcom Inc. (AVGO) on Thursday reported fiscal second-quarter earnings of $691 million.
On a per-share basis, the San Jose, California-based company said it had net income of $1.64. Earnings, adjusted for one-time gains and costs, were $5.21 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $5.17 per share.
The chipmaker posted revenue of $5.52 billion in the period, which fell short of Street forecasts. Ten analysts surveyed by Zacks expected $5.66 billion.
Broadcom Inc. expects full-year revenue of $22.5 billion.
Broadcom Inc. shares have climbed 11% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 15%. In the final minutes of trading on Thursday, shares hit $281.61, a climb of nearly 7% in the last 12 months.