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Broadcom Ltd. tops Street 4Q forecasts

SINGAPORE (AP) _ Broadcom Ltd. (AVGO) on Wednesday reported fiscal fourth-quarter net income of $636 million, after reporting a loss in the same period a year earlier.

The Singapore-based company said it had profit of $1.50 per share. Earnings, adjusted for one-time gains and costs, were $4.59 per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $4.50 per share.

The chipmaker posted revenue of $4.84 billion in the period, which also beat Street forecasts. Twelve analysts surveyed by Zacks expected $4.82 billion.

For the year, the company reported net income of $1.8 billion, or $4.27 per share, swinging to a profit in the period. Revenue was reported as $17.64 billion.

For the current quarter ending in February, Broadcom Ltd. said it expects revenue in the range of $5.22 billion to $5.37 billion. Analysts surveyed by Zacks had expected revenue of $4.82 billion.

Broadcom Ltd. shares have risen 49 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 17 percent. In the final minutes of trading on Wednesday, shares hit $263.89, an increase of 60 percent in the last 12 months.

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