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Broadcom shares rise after big earnings beat

Broadcom's stock rose about 5 percent Friday after the firm posted quarterly profits that were well above expectations.

The semiconductor firm reported adjusted fiscal second-quarter earnings of $2.53 a share, while analysts polled by Reuters expected the company to report earnings per share of $2.38.

This was also the first time the company reported earnings after its combination with Avago Technologies had been completed.

"We delivered solid second quarter revenue, while exceeding EPS expectations for our first quarter operating as a combined company. Our increased scale and diversity is already proving very resilient, with strong product cycles in our now largest segment, wired, offsetting weaker demand in our enterprise storage and wireless segments," Hock Tan, the firm's president and CEO, said in a statement.

Broadcom's stock has done well this year, rising about 12 percent.

AVGO year to dateSource: FactSet