PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Thursday reported fiscal fourth-quarter net income of $8.52 billion.
The Palo Alto, California-based company said it had profit of $1.74 per share. Earnings, adjusted for one-time gains and costs, came to $1.95 per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.87 per share.
The chipmaker posted revenue of $18.02 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $17.5 billion.
For the year, the company reported profit of $23.13 billion, or $4.77 per share. Revenue was reported as $63.89 billion.
For the current quarter ending in January, Broadcom Inc. said it expects revenue in the range of $19.1 billion.
Broadcom Inc. shares have climbed 75% since the beginning of the year, while the S&P’s 500 index has risen 17%. In the final minutes of trading on Thursday, shares hit $406.37, more than doubling 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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