PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Wednesday reported fiscal second-quarter earnings of $9.31 billion.

The Palo Alto, California-based company said it had net income of $1.91 per share. Earnings, adjusted for one-time gains and costs, were $2.44 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.40 per share.

The chipmaker posted revenue of $22.19 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $22.04 billion.

For the current quarter ending in July, Broadcom Inc. said it expects revenue in the range of $29.4 billion.

Broadcom Inc. shares have increased 38% since the beginning of the year, while the S&P’s 500 index has risen 10%. In the final minutes of trading on Wednesday, shares hit $479.23, an increase of 87% 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