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.