Avago 3Q results beat analyst expectations

0
11

SAN FRANCISCO (AP) — Avago Technologies Ltd. on Tuesday reported fiscal third-quarter results that were higher than analysts expected, helped by demand for its analog chips.

Shares of the chip maker, which also predicted fourth-quarter revenue that could come in ahead of analyst views, rose 7 percent in after-hours trading.

The company earned $144 million, or 57 cents per share, compared with $123 million, or 50 cents per share, in the year-ago quarter.

Excluding one-time items, the company earned 68 cents per share — a penny more than what analysts polled by FactSet expected, on average.

Revenue rose 10 percent year over year to $603 million. Analysts expected $592 million in revenue.

For the current quarter, the company expects revenue to rise between 2 to 5 percent to between $615 million and $633 million. Analysts are expecting $620 million in revenue.

Avago shares rose $2.08 to $31.34 in extended trading. The stock finished regular trading up $1.62, or 5.9 percent, to $29.26.