SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Broadcom Inc. (AVGO) on Thursday reported fiscal third-quarter profit of $3.3 billion.
The San Jose, California-based company said it had profit of $7.74 per share. Earnings, adjusted for one-time gains and costs, came to $10.54 per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $10.42 per share.
The chipmaker posted revenue of $8.88 billion in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $8.86 billion.
For the current quarter ending in October, Broadcom Inc. said it expects revenue in the range of $9.27 billion. Analysts surveyed by Zacks had expected revenue of $8.76 billion.
Broadcom Inc. shares have risen 65% since the beginning of the year, while the S&P's 500 index has climbed 17%. In the final minutes of trading on Thursday, shares hit $922.89, an increase of 85% 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