PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Wednesday reported fiscal first-quarter profit of $7.35 billion.

The Palo Alto, California-based company said it had profit of $1.50 per share. Earnings, adjusted for one-time gains and costs, came to $2.05 per share.

The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.

The chipmaker posted revenue of $19.31 billion in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $19.29 billion.

For the current quarter ending in April, Broadcom Inc. said it expects revenue in the range of $22 billion.

Broadcom Inc. shares have dropped slightly more than 8% since the beginning of the year, while the S&P’s 500 index has stayed nearly flat. In the final minutes of trading on Wednesday, shares hit $317.53, a rise of 69% 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