U.S. Markets close in 4 hrs 59 mins

Broadcom Inc.: Fiscal 1Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Broadcom Inc. (AVGO) on Thursday reported fiscal first-quarter profit of $471 million.

On a per-share basis, the San Jose, California-based company said it had net income of $1.12. Earnings, adjusted for one-time gains and costs, came to $5.55 per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $5.19 per share.

The chipmaker posted revenue of $5.79 billion in the period, which fell short of Street forecasts. Ten analysts surveyed by Zacks expected $5.82 billion.

Broadcom Inc. expects full-year revenue of $24.5 billion.

Broadcom Inc. shares have risen 5.5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 12 percent. In the final minutes of trading on Thursday, shares hit $268.20, a climb of nearly 3 percent in the last 12 months.


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