Broadcom Inc.: Fiscal Q2 Earnings Snapshot
PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Thursday reported fiscal second-quarter earnings of $4.97 billion.
On a per-share basis, the Palo Alto, California-based company said it had net income of $1.03. Earnings, adjusted for one-time gains and costs, were $1.58 per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.57 per share.
The chipmaker posted revenue of $15 billion in the period, also surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $14.95 billion.
For the current quarter ending in July, Broadcom Inc. said it expects revenue in the range of $15.8 billion.
Broadcom Inc. shares have climbed 12% since the beginning of the year, while the S&P's 500 index has climbed 1%. In the final minutes of trading on Thursday, shares hit $259.93, a rise of 84% 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