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Broadcom Ltd. beats Street 1Q forecasts

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.

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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

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Keywords: Broadcom Ltd., Earnings Report