PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Thursday reported a fiscal third-quarter loss of $1.88 billion, after reporting a profit in the same period a year earlier.
The Palo Alto, California-based company said it had a loss of 40 cents per share. Earnings, adjusted for pretax expenses and amortization costs, were $1.24 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.
The chipmaker posted revenue of $13.07 billion in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $12.9 billion.
For the current quarter ending in October, Broadcom Inc. said it expects revenue in the range of $14 billion.
Broadcom Inc. shares have risen 37% since the beginning of the year, while the S&P’s 500 index has risen 15%. In the final minutes of trading on Thursday, shares hit $152.82, an increase of 75% 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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