PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Thursday reported fiscal fourth-quarter net income of $4.32 billion.
On a per-share basis, the Palo Alto, California-based company said it had net income of 90 cents. Earnings, adjusted for one-time gains and costs, were $1.42 per share.
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.
The chipmaker posted revenue of $14.05 billion in the period, which did not meet Street forecasts. Ten analysts surveyed by Zacks expected $14.06 billion.
For the year, the company reported profit of $5.9 billion, or $1.23 per share. Revenue was reported as $51.57 billion.
For the current quarter ending in January, Broadcom Inc. said it expects revenue in the range of $14.6 billion.
Broadcom Inc. shares have climbed 62% since the beginning of the year, while the S&P’s 500 index has risen 27%. In the final minutes of trading on Thursday, shares hit $180.66, a rise of 68% 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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