SINGAPORE (AP) _ Broadcom Ltd. (AVGO) on Wednesday reported fiscal first-quarter earnings of $239 million.
The Singapore-based company said it had profit of 57 cents per share. Earnings, adjusted for one-time gains and costs, came to $3.63 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $3.47 per share.
The chipmaker posted revenue of $4.14 billion in the period, which also topped Street forecasts. Eleven analysts surveyed by Zacks expected $4.08 billion.
Broadcom Ltd. expects full-year revenue in the range of $4.01 billion to $4.17 billion.
Broadcom Ltd. shares have increased 22 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 7 percent. In the final minutes of trading on Wednesday, shares hit $215.14, a rise of 55 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
Keywords: Broadcom Ltd., Earnings Report