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PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Wednesday reported fiscal second-quarter earnings of $2.12 billion.
The Palo Alto, California-based company said it had profit of $4.42 per share. Earnings, adjusted for one-time gains and costs, came to $10.96 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $10.79 per share.
The chipmaker posted revenue of $12.49 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $12.04 billion.
Broadcom Inc. expects full-year revenue of $51 billion.
Broadcom Inc. shares have risen 34% since the beginning of the year, while the S&P's 500 index has risen 14%. In the final minutes of trading on Wednesday, shares hit $1,495.51, a rise of 75% 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 AVGO">Zacks stock report on AVGO at https://www.zacks.com/ap/AVGO