Broadcom Inc.: Fiscal 4Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Broadcom Inc. (AVGO) on Thursday reported fiscal fourth-quarter profit of $1.12 billion.
The San Jose, California-based company said it had profit of $2.64 per share. Earnings, adjusted for amortization costs and stock option expense, were $5.85 per share.
The results topped Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $5.58 per share.
The chipmaker posted revenue of $5.44 billion in the period, also beating Street forecasts. Twelve analysts surveyed by Zacks expected $5.4 billion.
For the year, the company reported profit of $12.26 billion, or $28.44 per share. Revenue was reported as $20.85 billion.
Broadcom Inc. expects full-year revenue of $24.5 billion.
Broadcom Inc. shares have dropped 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 1 percent. In the final minutes of trading on Thursday, shares hit $227.24, a decline of 13 percent in the last 12 months.