SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Broadcom Inc. (AVGO) on Thursday reported fiscal first-quarter net income of $3.77 billion.
The San Jose, California-based company said it had profit of $8.80 per share. Earnings, adjusted for one-time gains and costs, came to $10.33 per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $10.16 per share.
The chipmaker posted revenue of $8.91 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $8.89 billion.
For the current quarter ending in April, Broadcom Inc. said it expects revenue in the range of $8.7 billion. Analysts surveyed by Zacks had expected revenue of $8.76 billion.
Broadcom Inc. shares have increased 7% since the beginning of the year, while the S&P’s 500 index has climbed roughly 4%. In the final minutes of trading on Thursday, shares hit $598.65, a rise of 2% 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
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