Broadcom Inc.: Fiscal Q1 Earnings Snapshot
PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Thursday reported fiscal first-quarter earnings of $1.33 billion.
On a per-share basis, the Palo Alto, California-based company said it had profit of $2.84. Earnings, adjusted for one-time gains and costs, were $10.99 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $10.25 per share.
The chipmaker posted revenue of $11.96 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $11.72 billion.
Broadcom Inc. expects full-year revenue of $50 billion.
Broadcom Inc. shares have increased 26% since the beginning of the year, while the S&P's 500 index has climbed 8%. In the final minutes of trading on Thursday, shares hit $1,407.01, 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
