PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Wednesday reported fiscal third-quarter net income of $13.09 billion.
On a per-share basis, the Palo Alto, California-based company said it had profit of $2.68. Earnings, adjusted for one-time gains and costs, came to $3.32 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.22 per share.
The chipmaker posted revenue of $29.59 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $29.47 billion.
For the current quarter ending in October, Broadcom Inc. said it expects revenue in the range of $34.8 billion.
Broadcom Inc. shares have climbed 6% since the beginning of the year, while the S&P’s 500 index has climbed 12%. In the final minutes of trading on Wednesday, shares hit $367.24, an increase of 23% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVGO at https://www.zacks.com/ap/AVGO
