Avago Profit Beats Estimates

(RTTNews) - Avago Technologies Ltd (AVGO) on Wednesday reported third-quarter net earnings of $240 million or $0.84 per share compared with a loss of $164 million or $0.65 per share last year.

Excluding items, adjusted earnings for the quarter were $2.24 per share compared with earnings of $1.26 per share a year ago.

Revenues for the quarter were $1.74 billion compared with $1.27 billion in the prior year.

Adjusted revenues totaled $1.75 billion compared with $1.29 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $2.14 per share on revenues of $1.74 billion for the quarter. Analysts' estimates typically exclude special items.

Gross margin was 51 percent versus 31 percent last year.

For the fourth quarter, the company expects adjusted revenues of $1.85 billion, plus or minus $25 million. Analysts expect revenues of $1.86 billion.