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Broadcom Inc.: Fiscal 1Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Broadcom Inc. (AVGO) on Thursday reported fiscal first-quarter profit of $385 million.

On a per-share basis, the San Jose, California-based company said it had profit of 74 cents. Earnings, adjusted for one-time gains and costs, came to $5.25 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $5.22 per share.

The chipmaker posted revenue of $5.86 billion in the period, which missed Street forecasts. Nine analysts surveyed by Zacks expected $5.93 billion.

For the current quarter ending in May, Broadcom Inc. said it expects revenue in the range of $5.55 billion to $5.85 billion. Analysts surveyed by Zacks had expected revenue of $5.95 billion.

Broadcom Inc. shares have declined 31% since the beginning of the year, while the Standard & Poor's 500 index has declined 23%. In the final minutes of trading on Thursday, shares hit $218.78, a decrease of 19% 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