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Broadcom beats Street 3Q forecasts

Broadcom on Tuesday reported third-quarter profit of $98 million.

The Irvine, California-based company said it had profit of 16 cents per share. Earnings, adjusted for asset impairment costs and restructuring costs, were 91 cents per share.

The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The communications chipmaker posted revenue of $2.26 billion in the period, which also beat Street forecasts. Analysts expected $2.17 billion, according to Zacks.

For the current quarter ending in December, Broadcom said it expects revenue in the range of $2 billion to $2.15 billion.

Broadcom shares have climbed 26 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 5 percent. In the final minutes of trading on Tuesday, shares hit $37.33, an increase of 37 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. BRCM stock research report from Zacks: http://www.zacks.com/ap/BRCM