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Avago Technologies posts 1Q profit, results top Street expectations

SINGAPORE – SINGAPORE (AP) _ Avago Technologies Ltd. (AVGO) on Thursday reported fiscal first-quarter net income of $377 million.

The Singapore-based company said it had profit of $1.30 per share. Earnings, adjusted for one-time gains and costs, were $2.41 per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.28 per share.

The chipmaker posted revenue of $1.77 billion in the period, which also topped Street forecasts. Twelve analysts surveyed by Zacks expected $1.75 billion.

For the current quarter ending in May, Avago Technologies said it expects revenue in the range of $3.46 billion to $3.61 billion. Analysts surveyed by Zacks had expected revenue of $3.57 billion.

Avago Technologies shares have declined slightly more than 5 per cent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $137.33, a climb of 7 per cent 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 http://www.zacks.com/ap/AVGO

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Keywords: Avago Technologies, Earnings Report