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Broadcom Inc. Fiscal 3Q Earnings Snapshot

SAN JOSE, Calif. _ Broadcom Inc. (AVGO) on Thursday reported fiscal third-quarter profit of $1.2 billion.

On a per-share basis, the San Jose, California-based company said it had net income of $2.71. Earnings, adjusted for one-time gains and costs, were $4.98 per share.

The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $4.83 per share.

The chipmaker posted revenue of $5.06 billion in the period, which met Street forecasts.

For the current quarter ending in October, Broadcom Inc. said it expects revenue in the range of $5.32 billion to $5.47 billion. Analysts surveyed by Zacks had expected revenue of $5.39 billion.

Broadcom Inc. shares have dropped 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 8 percent. In the final minutes of trading on Thursday, shares hit $215.97, a decline of 13 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